The report Payments
Landscape In South Korea: Opportunities and Threats 2022 gives a
detailed insight about the payment industry in South Korea. The report
extensively talks about current and forecast values for each market in the Israeli
cards and payments industry, including debit and credit cards. The report also
includes detailed insights into payment instruments including credit transfers,
cards, cheques and direct debit. It also, includes an overview of the country's
key alternative payment instruments. Various government regulations and market
drivers of the cards and payment industry are discussed. Different strategies
used to market debit and credit cards by the Israeli banks and institutes are
analysed. The top market players in the payment industry of Israel include
NongHyup Bank, Shinhan Card, KB Kookmin Card, Woori Bank, Industrial Bank of
Korea, Samsung Card, Hana Financial Group, KakaoBank, K-Bank, Lotte Card, Visa,
Mastercard, China UnionPay, JCB and American Express.
South Korea is an East Asian country
which lies in the southern part of Korean peninsula. The country has an
estimated population of over 51 million and the capital city of South Korea is
Seoul. South Korea is one of the developed economies with high income and has
one of the highest Human Development Index. Internet and smart phone
penetration here grew rapidly after the Korean war and is one of the highest in
the world. Global payments revenue has
been increasing in multi-fold despite many disruptions in the market. As
customers have become more and more comfortable with swiping cards and paying
through mobile phones, the digitalisation of transaction industry is also
expected to give way to its infrastructural development. Studies show that
online frauds were increasing at an alarming rate in South Korea but the issue
has been tackled with various preventive regulations and is encouraging the
payments ecosystem to grow at a fast rate. The traditional digital payment
methods in South Korea have been replaced with new players whose services are
user friendly and diverse.
South Korea uses debit cards
primarily for the transactions due to governmental regulations and higher tax
reductions for using debit cards. The country faces an increase in household
debt, thus the government is encouraging the use of debt-free instruments like
debit cards and other prepaid cards. Various new players like Samsung have
disrupted the payment market and given rise to various new alternate options.
Financial cards in South Korea are expected to grow strongly in terms of volume
of transactions, number of cards and the total number of transactions.
Government’s initiatives like Coinless Society Project to reduce the cash
dependency in the economy will further create a favourable environment for the
payments market.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
