Credit Cards in South Korea

Credit Cards in South Korea

Summary

Credit Cards in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• A credit card is a financial product provided by a bank or financial institution that enables the cardholder to borrow money up to an established credit limit for making purchases or withdrawing cash. The cardholder must repay the borrowed amount, either in full or over time, with interest and fees applied if the balance is not settled by the due date. The market scope covers the consumer credit cards market.
• The South Korean credit cards sector recorded balances outstanding of $89.0 billion in 2023, representing a compound annual growth rate (CAGR) of 6.0% between 2018 and 2023.
• Sector consumption volume increased with a CAGR of 6.8% between 2018 and 2023, to reach a total of 18.2 billion number of credit card transactions in 2023.
• The South Korean credit card sector experienced slow growth in 2023 due to several factors, including sluggish economic growth, reduced consumer spending, and rising inflation. According to Statistics Korea, the inflation rate in January 2023 was recorded at 5.0%, up from 3.77% in January 2022.

• Save time carrying out entry-level research by identifying the size, growth, and leading players in the credit cards market in South Korea
• Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the credit cards market in South Korea
• Leading company profiles reveal details of key credit cards market players’ global operations and financial performance
• Add weight to presentations and pitches by understanding the future growth prospects of the South Korea credit cards market with five year forecasts by both value and volume

• What was the size of the South Korea credit cards market by value in 2023?
• What will be the size of the South Korea credit cards market in 2028?
• What factors are affecting the strength of competition in the South Korea credit cards market?
• How has the market performed over the last five years?
• Who are the top competitors in South Korea's credit cards market?