South Korea Digital Wallet Market to Grow at a CAGR of 8.8% During 2024-2032, Aided by the Widespread Use of Smartphones and the Internet

South Korea has witnessed a significant rise in mobile payment adoption in recent years. This shift in consumer preference towards contactless payments over traditional modes of payments has incentivised market vendors to prioritise the development of fast, secure, and convenient digital payment solutions. This focus is expected to grant market vendors a substantial competitive advantage in the dynamic digital payment landscape in the coming years.

The South Korea digital wallet market expansion is being propelled by government initiatives and growing retailers’ shift towards online payments. This growth is fuelled by South Korea's existing affinity for mobile wallets, with the country ranking among the global leaders in per capita spending through this method. The government's push for a cashless society, coupled with high smartphone and internet penetration, has created a fertile ground for the continued development of the digital wallet market in South Korea.

Furthermore, South Korea's robust e-commerce landscape fosters a growing demand for efficient and secure payment solutions. This has fuelled the adoption of digital wallets, which offer a faster and more convenient transaction experience compared to traditional methods. As a result, digital wallets have become a preferred payment option for many South Korean consumers.

Coupang, Inc. (NYSE: CPNG), a leading e-commerce company offering a diverse selection of products and services, expanded its offerings by introducing Coupang Pay. This innovative digital payment service streamlines transactions across all Coupang services, including its marketplace and food delivery platform, Coupang Eats.  Coupang Pay caters to a wide range of users, providing convenient payment and financial solutions not only for customers but also for marketplace vendors and restaurants that leverage the Coupang platform.

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Market Breakup by Mode of Payment, Device, End-Use, and Industry Vertical:

• On the basis of the mode of payment, the market is bifurcated into proximity and remote payment.

• The market can be segmented based on device into PC/laptops, and smartphones.

• On the basis of end-use, the market is bifurcated into personal and corporate.

• The market can be segmented based on industry vertical into banking financial services and insurance, retail, media and entertainment, education, gaming, IT and telecommunications, aerospace, and automotive, among others.

Key Findings of the Report:

• Fuelled by rising smartphone penetration and internet usage, South Korea's e-commerce market has experienced remarkable growth in recent years. The anticipated advancements in 5G technology are poised to further accelerate this trend, prompting a significant shift towards online shopping and payments.

• The widespread adoption of Near Field Communication (NFC) technology in both new smartphones and point-of-sale systems is paving the way for a significant rise in proximity-based mobile payments. This convergence allows consumers to seamlessly utilise their mobile phones for direct purchases at retailers. Major players in the mobile payment space, like Apple Pay and Samsung Pay, are further propelling this trend by leveraging NFC technology.

• The high ownership of smartphones and internet access in South Korea is aiding the South Korea digital wallet market growth. However, consumer behaviour extends beyond smartphones, with laptops and PCs offering web-based access to digital wallets. This cross-device compatibility, enabling access through any internet-connected device, further enhances the convenience offered by digital wallets as a payment method.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea digital wallet market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the modes of payment, devices, end-uses, and industry verticals of digital wallet in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea digital wallet market are Kakao Corporation, Naver Financial Co., Ltd, Samsung Electronics Co. Ltd, TosPayments Co., Ltd, NHN Payco Co., Ltd., Coupang, Inc., PayPal Payments Private Limited, and Eleventh Street Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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