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South Korea’s Largest Department Store Sees Rise in Credit Card Payments

On 16th June 2014, South Korea's No.1 department store chain - Lotte Department Store – announced that its redit card sales by Chinese shoppers soared on their shopping spree during the first four months, in comparison to 2013.

The portion of payment via China UnionPay cards reached 19% of all credit card payments at the flagship branch of the department store in downtown Seoul in the January-April period, more than doubling from 9% a year earlier, according to data by the department store.

China UnionPay, the only credit card firm in the world's second-largest economy, is a key payment method for Chinese tourists.

An earlier poll by the Korea Chamber of Commerce and Industry (KCCI) showed that more than 75% of Chinese preferred to pay in credit over cash.

The data showed that Chinese tourists have emerged as big spenders for the department store. Their overall spending, including cash and credit payments, accounted for roughly 15% of the total.

Recent data have highlighted the growing importance of Chinese visitors in the local tourism and shopping industries.

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