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South Korea is moving quickly towards a cashless society. In 2021, only 14.6 percent of transactions in South Korea were made with cash, making it one of the leading cashless countries in the world. While COVID-19 has accelerated the adoption of digital payment methods worldwide, the trend toward cashless payments was already on the rise in South Korea before the pandemic. The South Korean central bank announced back in 2015 that it was heading for a "coinless society" and set up a pilot project to test the Central Bank Digital Currency (CBDC). The already highly developed technological infrastructure and the fast-growing fintech industry formed the basis for the rapid financial innovation in South Korea.
The rise of mobile payments in South Korea
Amid this trend, the use of mobile payment services has surged in South Korea in recent years. The average daily value of mobile payment transactions has increased more than 13-fold since 2016. Also known as "easy payment services", mobile payment services in South Korea allow customers to make payments via smartphones using previously stored credit or debit card data. Users register their cards with the mobile payment service provider, which enables them to make online and offline payments using just a passcode or fingerprint scan, bypassing the complicated authentication process previously required. Mobile payment methods using electronic currency generated by loading a prepaid value onto the provider's service platform have also become increasingly popular.
Leading mobile payment providers
The mobile payment market in South Korea is dominated by large non-bank technology companies such as Kakao, Naver, Toss, and Samsung Electronics, which launched their services in 2014 and 2015. Naver Pay and KakaoPay are currently the most widely used services, the popularity of which is mainly due to the convenience of use. The rising market share of fintech companies has already put banks and card companies under enormous pressure. To counteract these challenges, banks and financial institutions have taken various measures to adapt and expand their payment services to meet the growing needs of customers. How this competition will affect the future of the payments market and drive further innovation are some of the interesting aspects of South Korea’s move toward a cashless society.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by L. Yoon, Jun 13, 2024
Key insights
- Smartphone penetration rate
- 86%
Detailed statistics
Smartphone penetration as share of population in South Korea 2019-2029
- Share of cash in total transactions
- 14.6%
Detailed statistics
Share of cash in total transactions South Korea 2013-2021
- Leading mobile payment provider
- Naver Pay
Detailed statistics
Leading mobile payment providers in South Korea 2023
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Overview
5
- Premium Statistic Share of e-commerce payment methods APAC 2023
- Premium Statistic Forecasted share of e-commerce payment methods APAC 2027
- Premium Statistic Share of internet users using mobile payments APAC 2023, by country
- Basic Statistic Smartphone penetration as share of population in South Korea 2019-2029
- Premium Statistic Distribution of fintech companies South Korea 2022, by sector
Overview
- Premium Statistic Share of e-commerce payment methods APAC 2023
Share of e-commerce payment methods APAC 2023
Share of e-commerce payment methods in the Asia-Pacific region in 2023
- Premium Statistic Forecasted share of e-commerce payment methods APAC 2027
Forecasted share of e-commerce payment methods APAC 2027
Forecasted share of e-commerce payment methods in the Asia-Pacific region in 2027
- Premium Statistic Share of internet users using mobile payments APAC 2023, by country
Share of internet users using mobile payments APAC 2023, by country
Share of internet users who used mobile payment services monthly in the Asia-Pacific region in 2023, by country or territory
- Basic Statistic Smartphone penetration as share of population in South Korea 2019-2029
Smartphone penetration as share of population in South Korea 2019-2029
Smartphone penetration rate as share of the population in South Korea from 2019 to 2029
- Premium Statistic Distribution of fintech companies South Korea 2022, by sector
Distribution of fintech companies South Korea 2022, by sector
Distribution of fintech companies in South Korea in 2022, by sector
Cashless payments
5
- Premium Statistic Share of cash in total transactions South Korea 2013-2021
- Premium Statistic Credit card transaction value South Korea 2002-2023
- Premium Statistic Debit card transaction value South Korea 2004-2023
- Premium Statistic Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
- Premium Statistic Leading payment methods when online shopping South Korea 2023
Cashless payments
- Premium Statistic Share of cash in total transactions South Korea 2013-2021
Share of cash in total transactions South Korea 2013-2021
Share of cash in total payment transactions in South Korea from 2013 to 2021
- Premium Statistic Credit card transaction value South Korea 2002-2023
Credit card transaction value South Korea 2002-2023
Value of credit card transactions in South Korea from 2002 to 2023 (in trillion South Korean won)
- Premium Statistic Debit card transaction value South Korea 2004-2023
Debit card transaction value South Korea 2004-2023
Value of debit card transactions in South Korea from 2004 to 2023 (in trillion South Korean won)
- Premium Statistic Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
Value of face-to-face and non-face-to-face payment transactions in South Korea from 2019 to 2023 (in billion South Korean won)
- Premium Statistic Leading payment methods when online shopping South Korea 2023
Leading payment methods when online shopping South Korea 2023
Leading payment methods used while shopping online within previous year in South Korea as of September 2023
Mobile payments
5
- Premium Statistic Daily mobile payment transactions number South Korea 2016-2023
- Premium Statistic Daily mobile payment transactions value South Korea 2016-2023
- Premium Statistic YoY growth in payment transactions South Korea 2023, by device type
- Premium Statistic Mobile payment share in total payment transactions South Korea 2019-2023
- Premium Statistic Mobile easy payment share in digital payment transactions South Korea 2019-2023
Mobile payments
- Premium Statistic Daily mobile payment transactions number South Korea 2016-2023
Daily mobile payment transactions number South Korea 2016-2023
Average daily number of mobile easy payment transactions made in South Korea from 2016 to 2023 (in millions)
- Premium Statistic Daily mobile payment transactions value South Korea 2016-2023
Daily mobile payment transactions value South Korea 2016-2023
Average daily value of mobile easy payment transactions made in South Korea from 2016 to 2023 (in billion South Korean won)
- Premium Statistic YoY growth in payment transactions South Korea 2023, by device type
YoY growth in payment transactions South Korea 2023, by device type
Year-over-Year (YoY) growth in payment transactions in South Korea in 2023, by type of device
- Premium Statistic Mobile payment share in total payment transactions South Korea 2019-2023
Mobile payment share in total payment transactions South Korea 2019-2023
Share of mobile easy payments in total payment transactions in South Korea from 2019 to 2023
- Premium Statistic Mobile easy payment share in digital payment transactions South Korea 2019-2023
Mobile easy payment share in digital payment transactions South Korea 2019-2023
Share of mobile easy payments in total digital payment transactions in South Korea from 2019 to 2023
Market share
4
- Premium Statistic Mobile payment market share South Korea 2020-2023, by provider type
- Premium Statistic Daily mobile payment transactions value South Korea 2016-2023, by provider type
- Premium Statistic Usage of mobile payment services of fintech companies South Korea 2019 to 2023
- Premium Statistic Mobile payment market size South Korea 2019-2023, by leading providers
Market share
- Premium Statistic Mobile payment market share South Korea 2020-2023, by provider type
Mobile payment market share South Korea 2020-2023, by provider type
Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider
- Premium Statistic Daily mobile payment transactions value South Korea 2016-2023, by provider type
Daily mobile payment transactions value South Korea 2016-2023, by provider type
Average daily value of mobile easy payment transactions made in South Korea from 2016 to 2023, by type of provider (in billion South Korean won)
- Premium Statistic Usage of mobile payment services of fintech companies South Korea 2019 to 2023
Usage of mobile payment services of fintech companies South Korea 2019 to 2023
Usage of mobile easy payment services provided by fintech companies in South Korea from 2019 to 2023
- Premium Statistic Mobile payment market size South Korea 2019-2023, by leading providers
Mobile payment market size South Korea 2019-2023, by leading providers
Market size of mobile easy payment services in South Korea from 2019 to 2023, by leading providers (in trillion South Korean won)
Leading providers
6
- Premium Statistic Leading mobile payment providers in South Korea 2023
- Premium Statistic Number of mobile payment users South Korea 2022, by provider
- Premium Statistic Major retailers easy payment services South Korea 2023, by user numbers
- Premium Statistic Leading mobile payment services in South Korea 2023, by age
- Premium Statistic Revenue of Naver Financial 2019-2023
- Premium Statistic Operating income of KakaoPay 2017-2023
Leading providers
- Premium Statistic Leading mobile payment providers in South Korea 2023
Leading mobile payment providers in South Korea 2023
Most used mobile payment services in South Korea as October 2023
- Premium Statistic Number of mobile payment users South Korea 2022, by provider
Number of mobile payment users South Korea 2022, by provider
Number of mobile payment users in South Korea as of April 2022, by provider (in millions)
- Premium Statistic Major retailers easy payment services South Korea 2023, by user numbers
Major retailers easy payment services South Korea 2023, by user numbers
Mobile payment services offered by major retailers in South Korea as of March 2023, by number of users (in millions)
- Premium Statistic Leading mobile payment services in South Korea 2023, by age
Leading mobile payment services in South Korea 2023, by age
Most used mobile payment services in South Korea as of December 2023, by age group
- Premium Statistic Revenue of Naver Financial 2019-2023
Revenue of Naver Financial 2019-2023
Revenue of Naver Financial from 2019 to 2023 (in billion South Korean won)
- Premium Statistic Operating income of KakaoPay 2017-2023
Operating income of KakaoPay 2017-2023
Operating income of KakaoPay from 2017 to 2023 (in billion South Korean won)
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