South Korea Cards and Payments - Opportunities and Risks to 2027

South Korea Cards and Payments - Opportunities and Risks to 2027

Summary

GlobalData’s ‘South Korea Cards and Payments - Opportunities and Risks to 2027' report provides top-level market analysis, information and insights into the Korean cards and payments industry, including:

• Current and forecast values for each market in the Korean cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques and mobile wallets. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Korean cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Korean cards and payments industry.

Scope

• The proliferation of digital-only banks has helped drive competition in the banking space, thus boosting payment card holding. Leading digital-only banks operating in South Korea include Kakao Bank, Kbank, and Toss Bank. These banks have attracted millions of customers; from inception, Kakao Bank has attracted over 20.4 million customers (as of December 2022), Kbank has 9 million customer (as of August 2023), and Toss Bank has over 24 million customers (as of March 2023).
• Ecommerce has registered robust growth in the country. To capitalize, international brands are entering this space. In June 2023, YouTube launched its first official online shopping channel in South Korea. Meanwhile, in July 2022 ecommerce platform SSG COM launched SSG Luxury, which offers products such as watches, designer clothes, and jewelry. In addition, online shopping events such as Black Friday and Cyber Monday have supported the growth of ecommerce.
• Alternative payment solutions are gaining traction in the country. Samsung Pay and Naver Pay are the most popular of these tools for ecommerce purchases. In February 2023, Samsung Pay and Naver Pay entered into a “simple payment alliance’’ to improve the usage of these two platforms. This partnership enables Samsung Pay users to make payments at 550,000 of Naver Pay’s online merchant partners. Meanwhile, Apple Pay was launched in South Korea in March 2023, allowing users with Apple devices to make online, in-app, and in-store purchases with stored cards issued by Hyundai Card.

Reasons to Buy

GlobalData’s ‘South Korea Cards and Payments: Opportunities and Risks to 2026' report provides top-level market analysis, information and insights into the Korean cards and payments industry, including -

• Make strategic business decisions, using top-level historic and forecast market data, related to the Korean cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Korean cards and payments industry.
• Assess the competitive dynamics in the Korean cards and payments industry.
• Gain insights into marketing strategies used for various card types in South Korea.
• Gain insights into key regulations governing the Korean cards and payments industry.