GlobalData's
Payments
Landscape in South Korea: Opportunities and Risks to 2022, report
provides detailed analysis of market trends in South Korea's cards and payments
industry. It provides values and volumes for a number of key performance
indicators in the industry, including cash, credit transfers, direct debit,
payment cards, and cheques during the review-period (2014-18e).
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 (2018-22f). It also offers information on the country's
competitive landscape, including the 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 details of regulatory policy and recent
changes in the regulatory structure.
This
report provides top-level market analysis, information and insights into South
Korea's cards and payments industry, including- Current and forecast values for
each market in South Korea's cards and payments industry, including debit and
credit cards.
Detailed
insights into payment instruments including cash, credit transfers, direct
debit, cheques, and payment cards. It also, includes an overview of the country's
key alternative payment instruments. E-commerce market analysis. Analysis of
various market drivers and regulations governing South Korea's cards and
payments industry. Detailed analysis of strategies adopted by banks and other
institutions to market debit and credit cards.
The
emergence of digital-only banks K-Bank and KakaoBank is likely to further
accelerate the shift towards electronic payments. The banks were launched in
April and July 2017 respectively. Both allow consumers to open bank accounts
in-app. Nearly 300,000 new accounts were opened with KakaoBank within 24 hours
of its launch, and as of September 2017 the bank had a customer base of 3.9
million. It offers credit loans and overdrafts at a minimum rate of 2.86% per
annum-the lowest among the country's banks. Moreover, KakaoBank's debit card
does not have an annual fee, unlike many traditional banks. In December 2015,
Shinhan Bank launched a mobile-only banking platform, Sunny Bank, allowing
individuals to open bank accounts via mobile authentication.
The
uptake of alternative payments among South Koreans is gaining traction due to
the emergence of solutions such as Samsung Pay, KakaoPay, Naver Pay, and
QuickPass. In April 2018, South Korea-based payment solutions provider HAREX
InfoTech and Jeju Bank launched a mobile app, UBpay, which allows users to make
payments for both in-store and online purchases. Users can pay via a merchant's
QR code, a barcode, or contactless. In June 2017, electronics manufacturing
company LG launched its mobile payment solution LG Pay. It can be used to make
contactless mobile payments, and supports credit cards from Shinhan Card, KB
Kookmin Card, BC Card, and Lotte Card.
To
reduce the dependence on cash for smaller-value transactions, the Bank of Korea
(BOK) (the country's central bank) launched the Coinless Society Project with a
pilot in April 2017. This allowed merchants to transfer the remaining balance
from the total payment value to a customer's bank account or other electronic
payment instrument (such as a prepaid card), instead of returning it as
physical money. If successful this initiative will be expanded to include more
merchants, helping to drive electronic payments.
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