What is the most popular payment method in South Korea?

Popular payment methods KakaoPay. Digital wallets. KakaoPay is a South Korean digital wallet found within Kakao Talk. Korean cards. Cards. This payment method allows merchants to process Korean-issued cards. UnionPay. Vouchers, prepaid and giftcards, Cards. ... JCB. Cards. ... Mastercard. Cards. ... PayPal. Digital wallets. ... PayCo. Digital wallets.

What are the most used mobile payment services in South Korea?

Naver Pay and KakaoPay are by far the most popular digital wallets, with 51% of consumers preferring Kakao and 30% preferring Naver. Massive online platform Naver operates Naver Pay, while the mobile messaging app Kakao operates KakaoPay. The other two most common digital wallets are Toss (15%) and Payco (4%).

What is the payment system in South Korea?

In addition to Visa and MasterCard , there are several other card brands operating in Korea – BC Card, Lotte Card, and T-Money. E-wallet payment enables users to purchase goods or services online using their virtual wallet, such as KakaoPay or Toss, that become one of the most popular payment methods in the country.

What is mobile payment in Korea?

Mobile payment service is one of the wireless Internet payments . A pin code of payment is sent by using the mobile phone owner's personal information and the mobile company's SMS (Short Message Service).

Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message.

Does Korea use Apple Pay?

Apple Pay still does not service transit payments in Korea . Its operator Apple had restricted other third-party payment systems from utilizing its contactless payment technology due to security concerns.

Which payment app is best in Korea?

Born from the country's leading search engine, Naver, this app combines search, discovery, and payments. From online shopping to in-store purchases, Naver Pay offers a holistic and interconnected experience, reaffirming its status as a significant player in the Korean payment app ecosystem.

What is the best way to pay for things in South Korea?

Payment Options Visa and MasterCard are the most widely accepted types , with some high-end hotels and restaurants accepting American Express. For smaller restaurants, outdoor markets, and bus fare, cash is necessary. However, don't carry excessive amounts of cash.

Can I pay with my phone in Korea?

Mobile payment in South Korea is dominated by NFC (Near Field Communication) technology that is used to do contactless payments, transfer funds and exchange information . An NFC enabled device such as a mobile phone or smartphone is capable of communicating with a terminal or with other NFC enabled device.

Can tourists use KakaoPay?

Yes, Kakao Pay is available for foreigners in South Korea : International Payment Integration: Supports various international mobile payment systems, allowing the use of native payment apps at participating stores in South Korea. QR Payment System: Foreigners can pay by scanning QR codes at participating merchants.

Does South Korea prefer cash or card?

Card payments are common - and often preferred - in South Korea . Credit and debit cards are widely accepted and in most places you can make contactless payments with your physical card or a wallet like Apple Pay. Having some cash in your pocket can be reassuring, but it's not necessary to carry a lot in most cases.

What card to use in South Korea?

Credit Cards in South Korea Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. Amex is also accepted in a few places in the major tourist areas, but will not be quite as useful.

Is Cash App available in Korea?

Note: Other Cash App features are unavailable outside the US or UK . This includes sending a P2P payment, adding funds, and cashing out.

What credit card is best for South Korea?

Visa and Mastercard are the most widely accepted networks in South Korea. Again, make sure to inform your bank and credit card company of your travel. Not all ATMs accept cards that are not issued in Korea.

Topic: Mobile payments in South Korea (2024)

Table of Contents

The rise of mobile payments in South Korea Leading mobile payment providers Key insights Editor’s Picks Current statistics on this topic Further recommended statistics Overview Overview Cashless payments Cashless payments Mobile payments Mobile payments Market share Market share Leading providers Leading providers Get the best reports to understand your industry Contact FAQs

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South Korea is moving quickly towards a cashless society. In 2021, only 14.6 percent of transactions in South Korea were made with cash, making it one of the leading cashless countries in the world. While COVID-19 has accelerated the adoption of digital payment methods worldwide, the trend toward cashless payments was already on the rise in South Korea before the pandemic. The South Korean central bank announced back in 2015 that it was heading for a "coinless society" and set up a pilot project to test the Central Bank Digital Currency (CBDC). The already highly developed technological infrastructure and the fast-growing fintech industry formed the basis for the rapid financial innovation in South Korea.

The rise of mobile payments in South Korea

Amid this trend, the use of mobile payment services has surged in South Korea in recent years. The average daily value of mobile payment transactions has increased more than 13-fold since 2016. Also known as "easy payment services", mobile payment services in South Korea allow customers to make payments via smartphones using previously stored credit or debit card data. Users register their cards with the mobile payment service provider, which enables them to make online and offline payments using just a passcode or fingerprint scan, bypassing the complicated authentication process previously required. Mobile payment methods using electronic currency generated by loading a prepaid value onto the provider's service platform have also become increasingly popular.

Leading mobile payment providers

The mobile payment market in South Korea is dominated by large non-bank technology companies such as Kakao, Naver, Toss, and Samsung Electronics, which launched their services in 2014 and 2015. Naver Pay and KakaoPay are currently the most widely used services, the popularity of which is mainly due to the convenience of use. The rising market share of fintech companies has already put banks and card companies under enormous pressure. To counteract these challenges, banks and financial institutions have taken various measures to adapt and expand their payment services to meet the growing needs of customers. How this competition will affect the future of the payments market and drive further innovation are some of the interesting aspects of South Korea’s move toward a cashless society.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

Published by L. Yoon, Jun 13, 2024

Key insights

Smartphone penetration rate: 86%

Detailed statistics

Smartphone penetration as share of population in South Korea 2019-2029

Share of cash in total transactions: 14.6%

Detailed statistics

Share of cash in total transactions South Korea 2013-2021

Leading mobile payment provider: Naver Pay

Detailed statistics

Leading mobile payment providers in South Korea 2023

Get more insights

Editor’s Picks Current statistics on this topic

Financial ServicesCredit card transaction value South Korea 2002-2023

PaymentsDaily mobile payment transactions value South Korea 2016-2023

PaymentsMobile payment market size South Korea 2019-2023, by leading providers

Further recommended statistics

Overview

Premium Statistic Share of e-commerce payment methods APAC 2023
Premium Statistic Forecasted share of e-commerce payment methods APAC 2027
Premium Statistic Share of internet users using mobile payments APAC 2023, by country
Basic Statistic Smartphone penetration as share of population in South Korea 2019-2029
Premium Statistic Distribution of fintech companies South Korea 2022, by sector

Overview

Premium Statistic Share of e-commerce payment methods APAC 2023
Share of e-commerce payment methods APAC 2023
Share of e-commerce payment methods in the Asia-Pacific region in 2023
Premium Statistic Forecasted share of e-commerce payment methods APAC 2027
Forecasted share of e-commerce payment methods APAC 2027
Forecasted share of e-commerce payment methods in the Asia-Pacific region in 2027
Premium Statistic Share of internet users using mobile payments APAC 2023, by country
Share of internet users using mobile payments APAC 2023, by country
Share of internet users who used mobile payment services monthly in the Asia-Pacific region in 2023, by country or territory
Basic Statistic Smartphone penetration as share of population in South Korea 2019-2029
Smartphone penetration as share of population in South Korea 2019-2029
Smartphone penetration rate as share of the population in South Korea from 2019 to 2029
Premium Statistic Distribution of fintech companies South Korea 2022, by sector
Distribution of fintech companies South Korea 2022, by sector
Distribution of fintech companies in South Korea in 2022, by sector

Cashless payments

Premium Statistic Share of cash in total transactions South Korea 2013-2021
Premium Statistic Credit card transaction value South Korea 2002-2023
Premium Statistic Debit card transaction value South Korea 2004-2023
Premium Statistic Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
Premium Statistic Leading payment methods when online shopping South Korea 2023

Cashless payments

Premium Statistic Share of cash in total transactions South Korea 2013-2021
Share of cash in total transactions South Korea 2013-2021
Share of cash in total payment transactions in South Korea from 2013 to 2021
Premium Statistic Credit card transaction value South Korea 2002-2023
Credit card transaction value South Korea 2002-2023
Value of credit card transactions in South Korea from 2002 to 2023 (in trillion South Korean won)
Premium Statistic Debit card transaction value South Korea 2004-2023
Debit card transaction value South Korea 2004-2023
Value of debit card transactions in South Korea from 2004 to 2023 (in trillion South Korean won)
Premium Statistic Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
Face-to-face and non-face-to-face payment transaction value South Korea 2019-2023
Value of face-to-face and non-face-to-face payment transactions in South Korea from 2019 to 2023 (in billion South Korean won)
Premium Statistic Leading payment methods when online shopping South Korea 2023
Leading payment methods when online shopping South Korea 2023
Leading payment methods used while shopping online within previous year in South Korea as of September 2023

Mobile payments

Premium Statistic Daily mobile payment transactions number South Korea 2016-2023
Premium Statistic Daily mobile payment transactions value South Korea 2016-2023
Premium Statistic YoY growth in payment transactions South Korea 2023, by device type
Premium Statistic Mobile payment share in total payment transactions South Korea 2019-2023
Premium Statistic Mobile easy payment share in digital payment transactions South Korea 2019-2023

Mobile payments

Premium Statistic Daily mobile payment transactions number South Korea 2016-2023
Daily mobile payment transactions number South Korea 2016-2023
Average daily number of mobile easy payment transactions made in South Korea from 2016 to 2023 (in millions)
Premium Statistic Daily mobile payment transactions value South Korea 2016-2023
Daily mobile payment transactions value South Korea 2016-2023
Average daily value of mobile easy payment transactions made in South Korea from 2016 to 2023 (in billion South Korean won)
Premium Statistic YoY growth in payment transactions South Korea 2023, by device type
YoY growth in payment transactions South Korea 2023, by device type
Year-over-Year (YoY) growth in payment transactions in South Korea in 2023, by type of device
Premium Statistic Mobile payment share in total payment transactions South Korea 2019-2023
Mobile payment share in total payment transactions South Korea 2019-2023
Share of mobile easy payments in total payment transactions in South Korea from 2019 to 2023
Premium Statistic Mobile easy payment share in digital payment transactions South Korea 2019-2023
Mobile easy payment share in digital payment transactions South Korea 2019-2023
Share of mobile easy payments in total digital payment transactions in South Korea from 2019 to 2023

Market share

Premium Statistic Mobile payment market share South Korea 2020-2023, by provider type
Premium Statistic Daily mobile payment transactions value South Korea 2016-2023, by provider type
Premium Statistic Usage of mobile payment services of fintech companies South Korea 2019 to 2023
Premium Statistic Mobile payment market size South Korea 2019-2023, by leading providers

Market share

Premium Statistic Mobile payment market share South Korea 2020-2023, by provider type
Mobile payment market share South Korea 2020-2023, by provider type
Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider
Premium Statistic Daily mobile payment transactions value South Korea 2016-2023, by provider type
Daily mobile payment transactions value South Korea 2016-2023, by provider type
Average daily value of mobile easy payment transactions made in South Korea from 2016 to 2023, by type of provider (in billion South Korean won)
Premium Statistic Usage of mobile payment services of fintech companies South Korea 2019 to 2023
Usage of mobile payment services of fintech companies South Korea 2019 to 2023
Usage of mobile easy payment services provided by fintech companies in South Korea from 2019 to 2023
Premium Statistic Mobile payment market size South Korea 2019-2023, by leading providers
Mobile payment market size South Korea 2019-2023, by leading providers
Market size of mobile easy payment services in South Korea from 2019 to 2023, by leading providers (in trillion South Korean won)

Leading providers

Premium Statistic Leading mobile payment providers in South Korea 2023
Premium Statistic Number of mobile payment users South Korea 2022, by provider
Premium Statistic Major retailers easy payment services South Korea 2023, by user numbers
Premium Statistic Leading mobile payment services in South Korea 2023, by age
Premium Statistic Revenue of Naver Financial 2019-2023
Premium Statistic Operating income of KakaoPay 2017-2023

Leading providers

Premium Statistic Leading mobile payment providers in South Korea 2023
Leading mobile payment providers in South Korea 2023
Most used mobile payment services in South Korea as October 2023
Premium Statistic Number of mobile payment users South Korea 2022, by provider
Number of mobile payment users South Korea 2022, by provider
Number of mobile payment users in South Korea as of April 2022, by provider (in millions)
Premium Statistic Major retailers easy payment services South Korea 2023, by user numbers
Major retailers easy payment services South Korea 2023, by user numbers
Mobile payment services offered by major retailers in South Korea as of March 2023, by number of users (in millions)
Premium Statistic Leading mobile payment services in South Korea 2023, by age
Leading mobile payment services in South Korea 2023, by age
Most used mobile payment services in South Korea as of December 2023, by age group
Premium Statistic Revenue of Naver Financial 2019-2023
Revenue of Naver Financial 2019-2023
Revenue of Naver Financial from 2019 to 2023 (in billion South Korean won)
Premium Statistic Operating income of KakaoPay 2017-2023
Operating income of KakaoPay 2017-2023
Operating income of KakaoPay from 2017 to 2023 (in billion South Korean won)