South Korea Payments Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 7.2% (2024-2032)
The proliferation of smartphones and widespread internet connectivity represents one of the key factors supporting the market growth in South Korea. According to the latest report by IMARC Group, the South Korea payments market size is projected to exhibit a growth rate (CAGR) of 7.2% during 2024-2032.
Download sample copy of the Report: https://www.imarcgroup.com/south-korea-payments-market
South Korea Payments Industry Trends and Drivers:
The South Korea payments market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by developments in financial technology (FinTech) as well as the broad use of digital payment systems. Besides this, with one of the highest rates of smartphone and internet penetration in the world, South Korean customers are rapidly choosing online banking, contactless payments, and mobile wallets for their purchases. In addition to these factors, the initiatives of the government bodies to promote a cashless society, coupled with the proliferation of e-commerce and the demand for seamless, secure payment systems, are further accelerating the South Korea payments market. Moreover, the COVID-19 pandemic has reinforced the importance of contactless payment methods, boosting their adoption in both online and offline retail environments.
A significant trend in the South Korea payments market is the rise of integrated super apps that combine various financial services, such as payments, banking, and investments, into a single platform. Additionally, blockchain technology as well as cryptocurrencies are gaining traction as innovative payment solutions driven by consumer interest and supportive regulatory developments. In line with these factors, the market is also witnessing increasing competition among payment service providers, leading to the introduction of advanced features like biometric authentication and AI-driven fraud detection for enhanced security. Apart from this, the ongoing digitalization of financial services is expected to propel the market. Consequently, the convergence of these factors is anticipated to drive the expansion of the South Korea payments market in the coming years.
The South Korea payments market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.
South Korea Payments Industry Segmentation:
The report has segmented the market into the following categories:
Mode of Payment Insights:
- Point of Sale
- Card Payments
- Digital Wallet
- Cash
- Others
- Online Sale
- Card Payments
- Digital Wallet
- Others
End Use Industry Insights:
- Retail
- Entertainment
- Healthcare
- Hospitality
- Others
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- American Express Company
- Kakao Pay Corp.
- Mastercard Inc.
- Naver Corporation
- NHN PAYCO Corp.
- Rapyd Financial Network (2016) Ltd.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Viva Republica Inc.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
Read More: https://empireadda.com/employer-of-record-south-africa-simplifying-global-employment
