South Korea Mobile Payment Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 9.60% (2024-2032)
The South Korea mobile payment market is expanding rapidly, owing to several interconnected factors. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 9.60% during 2024-2032.
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South Korea Mobile Payment Industry Trends and Drivers:
A combination of factors, such as the advanced digital infrastructure, high smartphone penetration, as well as a tech-savvy population, are responsible for the growth of the South Korea mobile payment market. Additionally, the market is propelling owing to the growing shift towards cashless transactions that has accelerated the adoption of mobile payment solutions. South Korea’s strong e-commerce ecosystem and the rising demand for contactless payments in physical retail spaces further propel market growth. Moreover, initiatives by government authorities to promote financial inclusion and digital transformation have supported the widespread adoption of mobile payment platforms. Innovations in financial technology (fintech), coupled with strategic partnerships between payment providers and businesses, are enabling seamless integration of mobile payment solutions across industries such as transportation, hospitality, and healthcare.
The surge of super apps and the integration of advanced technologies are augmenting the South Korea mobile payment market. In addition to this, super apps, combining payment services with features like food delivery, ride-hailing, and financial management, are gaining popularity, offering consumers a one-stop solution for daily needs. Biometric authentication, including fingerprint with facial recognition, is enhancing security and user experience, reducing reliance on traditional passwords. Furthermore, the integration of blockchain technology is improving transaction transparency and reducing processing fees. Cross-border payment solutions are expanding, catering to South Korea’s increasing volume of international transactions. The growth of rewards programs and digital wallets with cashback and discounts further attracts users. As mobile payment solutions continue to evolve, driven by consumer preferences and technological advancements, the South Korea mobile payment market is anticipated to experience robust growth in the coming years, solidifying its position as a leader in the global cashless economy.
South Korea Mobile Payment Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest South Korea mobile payment market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Breakup by Payment Type:
- Proximity Payment
- Near Field Communication (NFC)
- Quick Response (QR) Code
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- 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.
- Kakao Pay Corp.
- Naver Corporation
- NHN PAYCO Corp.
- Samsung Electronics Co. Ltd.
- SK pay
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.
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