South Korea Mobile Payment Market

Market Overview:

South Korea mobile payment market size is projected to exhibit a growth rate (CAGR) of 9.60% during 2024-2032. The widespread adoption of smartphones, continual development of high-speed internet infrastructure, the rise in e-commerce sector, significant investments in payment technologies and online shopping represent some of the key factors driving the market.

Mobile payment refers to the use of a mobile device, such as a smartphone or tablet, to make transactions for goods and services. This form of payment has gained significant popularity in recent years due to its convenience and efficiency. Compared to traditional methods, such as cash or card payments, mobile payment allows individuals to make transactions without physical contact, making it an increasingly preferred choice in today's digital age. There are several types of mobile payment systems. Some work through dedicated apps where users link their bank accounts or credit cards to pay by simply scanning a QR code or tapping their device on a payment terminal. Some commonly used devices include Apple Pay and Google Pay. Also, there are carrier billing services that enable users to charge purchases directly to their mobile phone bill. Security features, including biometric authentication, encryption, and tokenization, add layers of safety, making mobile payments as secure, if not more so, than traditional payment methods. It offers the ability to track and manage spending more effectively, making it a multifaceted tool for modern financial management.

South Korea Mobile Payment Market Trends:

The widespread adoption of smartphones, which offer users an easy and convenient way to manage their financial transactions, is driving the market in South Korea. Coupled with this, the high-speed internet infrastructure in South Korea, which facilitates seamless, real-time payment processing, is supporting the growth of the market. Moreover, the rise in e-commerce and online shopping, which have witnessed a rise, especially in the post-pandemic era, is creating a positive market outlook. South Korean consumers are increasingly preferring mobile payments due to their convenience, security features, and the rapid transaction times it offers. Digital wallets and QR code payments have become ubiquitous, serving not just the younger demographic but also gaining traction among older generations. Furthermore, financial institutions and tech companies are fueling this trend by investing heavily in mobile payment technologies. Partnerships between banks, fintech startups, and tech giants are becoming more common, aimed at creating user-friendly interfaces and offering value-added services, such as loyalty points, discounts, and cashback offers. The interoperability between different payment systems also adds to the ease of use, making it more appealing for consumers to switch from traditional payment methods to mobile payments. Besides, the integration of advanced technologies, including biometric verification and blockchain, is providing an additional layer of security, making mobile payments more trustworthy. Moreover, government initiatives are providing an impetus to the market. Regulatory frameworks are being adapted to safeguard users and promote secure transactions, thereby impelling consumer confidence in using mobile payment methods. In addition, the South Korean government is promoting a cashless society and has rolled out various schemes to incentivize businesses and consumers to adopt mobile payments.

South Korea Mobile Payment Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on payment type and application.

Payment Type Insights:

• Proximity Payment 
  • Near Field Communication (NFC)
  • Quick Response (QR) Code
• Remote Payment 
  • Internet Payments
  • Direct Operator Billing
  • Digital Wallet
  • SMS Payments
     

The report has provided a detailed breakup and analysis of the market based on the payment type. This includes proximity payment (near field communication (NFC) and quick response (QR) code) and remote payment (internet payments, direct operator billing, digital wallet, and SMS payments).

Application Insights:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:

• Kakao Pay Corp.
• Naver Corporation
• NHN PAYCO Corp.
• Samsung Electronics Co. Ltd.
• SK pay
• Viva Republica Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

South Korea Mobile Payment Market Report Coverage:

Key Questions Answered in This Report:

• How has the South Korea mobile payment market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the South Korea mobile payment market?
• What is the breakup of the South Korea mobile payment market on the basis of payment type?
• What is the breakup of the South Korea mobile payment market on the basis of application?
• What are the various stages in the value chain of the South Korea mobile payment market? 
• What are the key driving factors and challenges in the South Korea mobile payment?
• What is the structure of the South Korea mobile payment market and who are the key players?
• What is the degree of competition in the South Korea mobile payment market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the South Korea mobile payment market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the South Korea mobile payment market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the South Korea mobile payment industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.