Financial transactions using smartphones such as Samsung Pay have sharply expanded in the first quarter.

According to Bank of Korea statistics released Monday, South Koreans used electronic payment and money transfer services an average four-point-15 million times a day during the first three months of the year, up 17-point-eight percent year-on-year. 

In monetary terms, the volume rose close to 21 percent to 176-point-seven billion won.

Of this total, electronic payments accounted for three million cases daily, up 16 percent on-year. Transacted volume also topped over 100 billion won for the very first time.

Bank of Korea cites the spread of online shopping and mobile money wires for the increase in electronic transactions which do not require conventional security certification.