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South Korea Digital Payments Market Size, Share, Growth: By Solution: Application Program Interface, Payment Gateway, Payment Processing, Payment Security and Fraud Management, Transaction Risk Management, Others; By Mode of Payment; By Deployment Mode; By End Use; Market Dynamics; Competitive Landscape; 2024-2032
South Korea Digital Payments Market Outlook
The South Korea digital payments market size was estimated to expand at a CAGR of 8.7% between 2024 and 2032.
Key Takeaways
- With the rise of technologies like near field communication in the financial sector, it has become possible to transfer money using debit cards, credit cards, and mobile phones without swiping them or scanning QR codes.
- The presence of a strong ICT infrastructure and great smartphone penetration has enabled the growth of digital banks in South Korea. These digital banks do not have physical branches but provide banking services electronically through mobile apps.
- The credit card usage is expected to increase across South Korea and thus the outlook for digital payments remains positive.
The increasing digital payment transaction amounts indicate a growing prevalence of cashless payments in South Korea. With one of the highest rates of smartphone usage globally, a rising number of South Koreans are opting for mobile payment options. Among the popular digital payment applications in South Korea are Kakao Pay, Naver Pay, and Toss Payments.
As per the South Korea digital payments market analysis, the retail and e-commerce sector is one of the leading end-users of digital banking payments. This is because of the proliferation of online channels for purchasing apparels, renting houses, taking premium services for subscriptions, and booking flight and hotel tickets, among other things. Besides, self-checkout kiosks, which account for 80% of all counters in South Korea, is enabled with digital payment technology to provide a smooth shopping experience to customers.
In the BFSI industry, the use of digital payment channels ensures safe money transfer especially when the amount concerned is large. Mobile banking apps also enable people to track their transaction history, check bank balance, and make quick payments without visiting a bank’s physical branch.
Cloud-based payment platforms are expected to account for a significant share of the South Korea digital payments market. This is because they simplify information sharing between banks and vendors during any electronic purchase and operate independently of on-premise digital payment servers which can get damaged during power outages. It helps banks keep track of the huge volume of digital payments occurring every day and obtain storage services for sensitive information that cannot be compromised. It enables banks to lower their operating costs and improve services while enhancing customer satisfaction.
Market Segmentation
South Korea Digital Payments Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security and Fraud Management
- Transaction Risk Management
- Others
Market Breakup by Mode of Payment
- Bank Cards
- Digital Wallets
- Digital Currencies
- Net Banking
- Others
Market Breakup by Deployment Mode
- Cloud
- On-Premises
Market Breakup by End Use
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-Commerce
- Transportation
- Others
Competitive Landscape
The market players are focusing on improving their security infrastructure to provide improved protection from data breaches, delivering efficient financial services.
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- NHN Corp. (NHN Payco Co., Ltd.)
- Naver Financial Corp.
- Coupang Inc.
- Kakao Corp.
- Toss Payments Co., Ltd.
- Eleventh Street Co., Ltd. (SK Pay)
- SSG.com Co., Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Solution |
|
| Breakup by Mode of Payment |
|
| Breakup by Deployment Mode |
|
| Breakup by End Use |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Digital Payments Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Digital Payments Historical Market (2018-2023)
8.3 Asia Pacific Digital Payments Market Forecast (2024-2032)
8.4 Asia Pacific Digital Payments Market Breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Digital Payments Market Overview
9.1 Key Industry Highlights
9.2 South Korea Digital Payments Historical Market (2018-2023)
9.3 South Korea Digital Payments Market Forecast (2024-2032)
10 South Korea Digital Payments Market by Solution
10.1 Application Program Interface
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Payment Gateway
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Payment Processing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Payment Security and Fraud Management
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Transaction Risk Management
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 South Korea Digital Payments Market by Mode of Payment
11.1 Bank Cards
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Digital Wallets
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Digital Currencies
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Net Banking
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 South Korea Digital Payments Market by Deployment Mode
12.1 Cloud
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 On-Premises
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 South Korea Digital Payments Market by End Use
13.1 BFSI
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 IT and Telecom
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Healthcare
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Retail and E-Commerce
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Transportation
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 PayPal Holdings Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Samsung Electronics Co. Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 NHN Corp. (NHN Payco Co., Ltd.)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Naver Financial Corp.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Coupang Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Kakao Corp.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Toss Payments Co., Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Eleventh Street Co., Ltd. (SK Pay)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 SSG.com Co., Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Digital Payments Market: Key Industry Highlights, 2018 and 2032
2. South Korea Digital Payments Market: Key Industry Highlights, 2018 and 2032
3. South Korea Digital Payments Historical Market: Breakup by Solution (USD Million), 2018-2023
4. South Korea Digital Payments Market Forecast: Breakup by Solution (USD Million), 2024-2032
5. South Korea Digital Payments Historical Market: Breakup by Mode of Payment (USD Million), 2018-2023
6. South Korea Digital Payments Market Forecast: Breakup by Mode of Payment (USD Million), 2024-2032
7. South Korea Digital Payments Historical Market: Breakup by Deployment Mode (USD Million), 2018-2023
8. South Korea Digital Payments Market Forecast: Breakup by Deployment Mode (USD Million), 2024-2032
9. South Korea Digital Payments Historical Market: Breakup by End Use (USD Million), 2018-2023
10. South Korea Digital Payments Market Forecast: Breakup by End Use (USD Million), 2024-2032
11. South Korea Digital Payments Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 8.7% between 2024 and 2032.
The market is driven by the proliferation of mobile payment applications and the benefits offered by them, including reliability and quick money transfer.
The key trends aiding the market expansion include rapid technological innovations and the rise of digital banks.
The major modes of payment are bank cards, digital wallets, digital currencies, and net banking, among others.
The major end users are BFSI, IT and telecom, healthcare, retail and e-commerce, and transportation, among others.
The major players in the market are PayPal Holdings Inc., Samsung Electronics Co. Ltd., NHN Corp. (NHN Payco Co., Ltd.), Naver Financial Corp., Coupang Inc., Kakao Corp., Toss Payments Co., Ltd., Eleventh Street Co., Ltd. (SK Pay), and SSG.com Co., Ltd., among others.
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