Recent data showed that South Koreans have in their possession three-point-nine credit cards on average last year.
According to the Credit Finance Association on Sunday, there were 110-point-98 million credit cards in South Korea's circulation as of the end of 2019, up five-point-92 million from a year earlier.
This figure signifies that the country's economically active population of 28-point-19 million, or the number of people aged 15 years or older who are willing to work, held three-point-nine credit cards per person last year.
The number of credit cards held by the economically active population peaked at four-point-eight in 2011 and dropped to three-point-four in 2014, but has been increasing since.
The association said that since 2014, as many as over 50 easy payment services emerged in the market, but it appears to have little impact on people's credit card holdings because many of the easy payment services rely on their credit cards and bank accounts.