South Korea Cards and Payments – Opportunities and Risks to 2026

Pages: 80 Published: January 20, 2023 Report Code: GDFS0658CI

GlobalData’s ‘South Korea Cards and Payments – Opportunities and Risks to 2026′ report provides detailed analysis of market trends in the Korean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, direct debits, credit transfers, cheques, and mobile wallets during the review-period (2018-22e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2022e-26f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The 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.


– The pandemic has driven a significant shift in consumer preferences towards the use of electronic payments. According to the Cash Use Behavior by Economic Entities report published by the Bank of Korea in June 2022, the monthly average amount of cash spent by households was KRW510,000 ($428.41) in 2021 compared to KRW640,000 ($537.61) in 2018 – a decrease of 25.5%. The report also revealed that the number of retailers such as cafes, self-employed businesses, and supermarkets unwilling to accept cash for payments is gradually growing.

– Amid the gradual recovery from COVID-19, the government took steps to promote the use of card payments. On October 1, 2021, the Ministry of Strategy and Finance launched the Win-Win Consumption Subsidy program. The program enabled card holders to receive 10% cashback on the 15th of the following month if their monthly credit/debit card usage was 3% higher than their average monthly usage in the second quarter. The maximum refund was KRW200,000 ($168) per person. The program was valid until June 30, 2022; leading card issuers including Lotte Card, BC Card, Samsung Card, Shinhan Card, Woori Card, and Hana Card signed up to the scheme.

– Mobile wallets are also used for bill payments. KakaoPay and Naver Pay offer bill payment functionality. Meanwhile, in March 2022, Toss launched Seoul City Tax Revenue, enabling Toss users to pay Seoul tax bills within the app. In July 2021, the city of Gwangmyeong launched a new payment system called the Visible Integrated ARS Payment System. This enables users to pay local taxes, parking and traffic fines, and other utility bills. Payment can be made by making a phone call followed by a minimum identity verification procedure (such as verification of the user’s name and phone number). Payments can be carried out via credit card or mobile wallet.

Reasons to Buy

The 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.

Key Players

CD/ATM Network
Electronic Banking System (EBS)
NongHyup Bank
Shinhan Card
KB Kookmin Card
Woori Bank
Hana Financial Group
Samsung Card
Hyundai Card
China UnionPay
American Express
Naver Pay
Samsung Pay
Smile Pay
LG Pay
SK pay
Shinhan Play

Table of Contents

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation



Can be used by individual purchaser only


Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Get in touch to find out about our multi-purchase discounts
Tel +44 (0) 20 7947 2960

Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.

Still undecided about purchasing this report?

Enquire Before Buying

Request a Free Sample


“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods