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DIGITAL

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TRENDSMobilepaymentsinSouthKoreaCHAPTER

01OverviewShareofe-commercepaymentmethodsintheAsia-Pacificregionin2023Shareofe-commercepaymentmethodsAPAC2023Shareofpaymentmethods0%10%20%30%40%50%60%70%80%DigitalwalletCreditcard70%12%Debitcard6%Account-to-account(A2A)BuynowpaylaterCashondeliveryPrepaidcards4%4%2%1%3Description:In2023,digitalwalletaccountedforthelargestshareofe-commercepaymentmethodsintheAsia-Pacificregionwith70percent.For2027,thesharewasforecasttoevenincreasetoashareof77percent.

ReadmoreNote(s):Asia,APAC;2023Source(s):WorldpayForecastedshareofe-commercepaymentmethodsintheAsia-Pacificregionin2027Forecastedshareofe-commercepaymentmethodsAPAC2027Shareofpaymentmethods30%

40%0%10%9%20%50%60%70%80%77%90%DigitalwalletCreditcardsAccount-to-account(A2A)Debitcards4%4%4%BuynowpaylaterCashondeliveryPrepaidcards1%1%4Description:Itwasforecastthatin2027,digitalormobilewalletwouldmakeup77percentofe-commercepaymentsthroughouttheAsia-Pacificregion.Thiswasanincreasefrom2023,inwhichdigitalwalletaccountedfor70percentofthee-commercepaymentsintheAsia-Pacificregion.ReadmoreNote(s):Asia,APAC;2023Source(s):WorldpayShareofinternetuserswhousedmobilepaymentservicesmonthlyintheAsia-Pacificregionin2022,bycountryShareofinternetusersusingmobilepaymentsAPAC2022,bycountryShareofinternetusers20%0%5%10%15%25%30%35%40%45%TaiwanHongKongThailandIndia42.2%38.4%33.5%32.8%32.1%SingaporeVietnam27.4%27.3%AustraliaMalaysiaSouthKoreaChina25.5%25.3%25.3%PhilippinesIndonesiaNewZealandJapan24.2%24%21.7%17.3%5Description:Inasurveyconductedin2022regardingtheusageofmobilepaymentservices,42.2percentofrespondentsinTaiwanstatedthattheyusedmobilepaymentservicesmonthly.Incomparison,forthesamesurvey,17.3percentofrespondentsinJapansaidthattheyusedmobilepaymentservicesmonthly.ReadmoreNote(s):Asia,APAC;Q32022;16-64yearsSource(s):DataReportal;GWI;Meltwater;WeAreSocialSmartphonepenetrationrateasshareofthepopulationinSouthKoreafrom2019to2029SmartphonepenetrationasshareofpopulationinSouthKorea2019-2029100%90%95.11%93.64%92.03%90.28%88.38%86.31%84.08%81.66%79.75%76.5%80%70%60%50%40%30%20%10%0%70.4%201920202021202220232024202520262027202820296Description:ThesmartphonepenetrationinSouthKoreawasforecasttocontinuouslyincreasebetween2024and2029byintotal8.8percentagepoints.Afterthetenthconsecutiveincreasingyear,thepenetrationisestimatedtoreach95.11percentandthereforeanewpeakin2029.Notably,thesmartphonepenetrationofwascontinuouslyincreasingoverthepastyears.ReadmoreNote(s):SouthKorea;2019to2029;Individualsofanyagewhoownatleastonesmartphoneandusethesmartphone(s)atleastoncepermonth.Source(s):DigitalMarketInsightsDistributionoffintechcompaniesinSouthKoreain2022,bysectorDistributionoffintechcompaniesSouthKorea2022,bysectorInsurTech3.7%Digitalbanks0.5%Digitalassets5.9%OtherB2Bservices8.2%Fintechenablers42%Assetmanagement9.1%Marketprovisioningandassettrading13.0%Paymentandsettlement17%7Description:In2022,fintechenablersaccountedforabout42percentoftheSouthKoreanfintechmarket.Companiesinthepaymentandsettlementsectorfollowedwithashareofaround17percent.ReadmoreNote(s):SouthKorea;June2toAugust11,2023;592companiesSource(s):FintechCenterKoreaCHAPTER

02CashlesspaymentsShareofcashintotalpaymenttransactionsinSouthKoreafrom2013to2021ShareofcashintotaltransactionsSouthKorea2013-202140%34.8%35%30%25%20%15%10%5%29%20.3%17.4%14.6%0%201320152017201920219Description:AccordingtoasurveyconductedinSouthKoreain2021,about14.6percentofreportedpaymentsweremadeincash.Theshareofcashintotalpaymenttransactionvaluehasdecreasedovertheyears,whilecreditcardshavebecomethemostusedpaymentmethod.ReadmoreNote(s):SouthKorea;2013to2021;3,536respondents;19yearsandolderSource(s):BankofKoreaValueofcreditcardtransactionsinSouthKoreafrom2002to2023(intrillionSouthKoreanwon)CreditcardtransactionvalueSouthKorea2002-20231,2001,00080060040020002002

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202310Description:In2023,thevalueofcreditcardtransactionsinSouthKoreaamountedtoaround1,015trillionSouthKoreanwon,anincreasefromabout953trillionwonthepreviousyear.ThenumberandvolumeofcreditcardtransactionshavesteadilyincreasedinSouthKoreainrecentdecades.Comparedwith2002,thetransactionvaluehasalmostdoubled.ReadmoreNote(s):SouthKorea;2002to2023Source(s):BankofKoreaValueofdebitcardtransactionsinSouthKoreafrom2004to2023(intrillionSouthKoreanwon)DebitcardtransactionvalueSouthKorea2004-20232004

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202311Description:In2023,thevalueofdebitcardtransactionsinSouthKoreaamountedtoabout243trillionSouthKoreanwon,upfromaround233trillionwoninthepreviousyear.Thevalueofdebitcardtransactionshasalmosttripledoverthelasttenyears.

ReadmoreNote(s):SouthKorea;2004to2023Source(s):BankofKorea;KOSISValueofface-to-faceandnon-face-to-facepaymenttransactionsinSouthKoreafrom2019to2023(inbillionSouthKoreanwon)Face-to-faceandnon-face-to-facepaymenttransactionvalueSouthKorea2019-2023Face-to-faceNon-face-to-face*2,0001,8001,6001,4001,2001,0008001,7551,6451,4811,4341,3981,1631,10198684972660040020002019202020212022202312Description:In2023,thetransactionvalueofface-to-facepaymentsamountedtoaround1.8trillionSouthKoreanwon.Non-face-to-facepaymentsalsoincreased,reachingatransactionvalueofoveronetrillionSouthKoreanwon.

ReadmoreNote(s):SouthKorea;2019to2023;basedonreportsfromcardcompanies;*Non-face-to-facepaymentsreferto"device-not-present"transactions,includingonlinepaymentsandpaymentsmadeofflineviamobileapplicationswithoutphysical[...]

ReadmoreSource(s):BankofKoreaLeadingpaymentmethodsusedwhileshoppingonlinewithinpreviousyearinSouthKoreaasofSeptember2022LeadingpaymentmethodswhenonlineshoppingSouthKorea2022Shareofrespondents0%10%20%30%40%50%60%70%CreditcardMobileeasypayment-credit/debitcardlinkedBanktransfer-internetbanking,mobilebanking,ATMDebitcard63.8%56.1%29%26.4%Carrierbilling16.2%Mileageandpoints13.7%Prepaidcardandgiftcertificate9.1%13Description:AccordingtoaninternetusagesurveyconductedinSouthKoreain2022,around63.8percentoftherespondentsreportedtohaveusedtheircreditcardwhenbuyingsomethingonline.Accordingtothesamesurvey,consumersspentaround192.76thousandSouthKoreanwonpermonthononlineshopping.ReadmoreNote(s):SouthKorea;August1toSeptember30,2022;25,000households;12yearsandolder;internetshoppersSource(s):KoreanInternet&SecurityAgency;MinistryofScienceandICT(SouthKorea);NIACHAPTER

03MobilepaymentsAveragedailynumberofmobileeasypaymenttransactionsmadeinSouthKoreafrom2016to2023(inmillions)DailymobilepaymenttransactionsnumberSouthKorea2016-20233025201527.3524.1319.8114.5410.07106.57503.92.12016201720182019202020212022202315Description:In2023,thenumberofdailymobileeasypaymenttransactionsinSouthKoreareached27.4million,whichwasasignificantincreasefromthepreviousyear.In2016,therewereonlytwomilliondailymobilepaymenttransactions,butthisnumberhassinceincreasedbymorethan13times.ReadmoreNote(s):SouthKorea;2016to2023Source(s):BankofKoreaAveragedailyvalueofmobileeasypaymenttransactionsmadeinSouthKoreafrom2016to2023(inbillionSouthKoreanwon)DailymobilepaymenttransactionsvalueSouthKorea2016-20231,000900875.46800761.44700606.546005004003002001000449.16317.12019222.822018132.19201764.522016202020212022202316Description:In2023,theaveragedailyvalueofmobileeasypaymenttransactionsmadeinSouthKoreaamountedtoabout875.5billionSouthKoreanwon,upfromabout761billionwoninthepreviousyear.Theaveragedailyvalueofmobileeasypaymenttransactionshasbeenrisingsharplyoverthepastfewyears.ReadmoreNote(s):SouthKorea;2016to2023Source(s):BankofKoreaYear-over-Year(YoY)growthinpaymenttransactionsinSouthKoreain2023,bytypeofdeviceYoYgrowthinpaymenttransactionsSouthKorea2023,bydevicetype12%10%8%10.8%6%4%1.9%2%0%Credit/debitcard*Mobiledevice/personalcomputer/automatedresponsesystem(ARS)/biometricdata17Description:In2023,paymentsmadethroughdevicessuchasmobiledevicesandPCsincreasedbyapproximately10.8percentyear-over-year.Ontheotherhand,cardpaymentssawagrowthofaround1.9percent.TheuseofmobilepaymentmethodshasbecomeincreasinglycommoninSouthKorea,particularlyaftertheoutbreakoftheCOVID-19pandemicin2020.ReadmoreNote(s):SouthKorea;2023;*Creditanddebitcardsusedforface-to-facepayments.Basedonpreliminaryvaluesofaveragedailytotalpersonalandcorporatecredit/debitcardtransactionsinSouthKoreanfranchises.

ReadmoreSource(s):BankofKoreaShareofmobileeasypaymentsintotalpaymenttransactionsinSouthKoreafrom2019to2023MobilepaymentshareintotalpaymenttransactionsSouthKorea2019-202330%25%24.5%22.4%20.4%20%17.3%15%10%5%13.6%0%2019202020212022202318/statistics/1255063/south-korea-mobile-payment-share-in-total-transactionsIn2023,mobileeasypaymentsmadeuparound24.5percentofallpaymenttransactionsinSouthKorea.Theuseofmobileeasypaymentserviceshasbeenontherise,withanotableincreaseaftertheoutbreakoftheCOVID-19pandemicin2020.

ReadmoreNote(s):SouthKorea;2019to2023Source(s):BankofKoreaShareofmobileeasypaymentsintotaldigitalpaymenttransactionsinSouthKoreafrom2019to2023MobileeasypaymentshareindigitalpaymenttransactionsSouthKorea2019-202360%48.5%50%46.3%43.3%39.1%40%30%20%10%0%35.1%2019202020212022202319Description:In2023,mobileeasypaymenttransactionsaccountedforapproximately48.5percentofdigitaltransactionsconductedviamobiledevices,PCs,orothermethodsinSouthKorea.Theusageofmobileeasypaymentserviceshasincreasedinrecentyears,especiallyaftertheoutbreakoftheCOVID-19pandemicin2020.ReadmoreNote(s):SouthKorea;2019to2023Source(s):BankofKoreaCHAPTER

04MarketshareMarketshareofmobileeasypaymentprovidersinSouthKoreafrom2020to2023,bytypeofproviderMobilepaymentmarketshareSouthKorea2020-2023,byprovidertypeElectronicfinancialbusinessentities*100%Financialcompanies**Mobilephonemanufacturers***24.3%90%23.8%22.7%25.6%25.6%80%70%60%50%40%30%20%10%0%27.6%25.8%30.5%49.7%202149.9%202248.9%202345.7%202021Description:In2023,approximatelyhalfofthemobileeasypaymentmarketinSouthKoreawasdominatedbyelectronicfinancialbusinessentities.Financialcompaniesandmobilephonemanufacturersheldamarketshareofaround26percenteach.Theshareoffintechcompanies,suchasNaverPayandKakaoPay,intheSouthKoreanmobilepaymentmarkethasincreasedsignificantlyinrecentyears.Incontrast,themarketshareofbanksandcardcompanieshasbeensteadilydeclining.

ReadmoreNote(s):SouthKorea;2020to2023;basedonaveragedailyvalueofmobilepaymenttransactions;*MobilepaymentproviderssuchasKakaoPayandNaverFinancial.**Banksandcardcompanies.***Mobilephonemanufacturersincluding[...]

ReadmoreSource(s):BankofKoreaAveragedailyvalueofmobileeasypaymenttransactionsmadeinSouthKoreafrom2016to2023,bytypeofprovider(inbillionSouthKoreanwon)DailymobilepaymenttransactionsvalueSouthKorea2016-2023,byprovidertypeElectronicfinancialbusinessentities*MobilephonemanufacturersFinancialinstitutions1,00090080070060050040030020010002016201720182019202020212022202322Description:In2023,thedailyaveragetransactionvalueofmobileeasypaymentsprovidedbyelectronicfinancialcompaniesinSouthKoreawasaround428billionSouthKoreanwon.Themarketshareofthesefintechfirmsinthemobilepaymentindustryhasbeenconsistentlyincreasinginrecentyears.ReadmoreNote(s):SouthKorea;2016

to2023;*MobilepaymentproviderssuchasKakaoPayandNaverFinancial.Mobileeasypaymentreferstoapaymentmethodcarriedoutviamobiledevicesonwhichthecreditordebitcarddataisstored.Users[...]

ReadmoreSource(s):BankofKoreaUsageofmobileeasypaymentservicesprovidedbyfintechcompaniesinSouthKoreafrom2019to2023UsageofmobilepaymentservicesoffintechcompaniesSouthKorea2019to202380%67.7%70%66.6%64.1%60.8%60%50%40%30%20%10%0%56.2%2019202020212022202323Description:In2023,fintechcompaniesofferingmobilepaymentserviceshadtakenoverabout68percentofthetotalmobilepaymentsmarketinSouthKorea.Theshareofthesecompanieshasbeenincreasingsignificantlyinrecentyears.

ReadmoreNote(s):SouthKorea;2019to2023Source(s):BankofKoreaMarketsizeofmobileeasypaymentservicesinSouthKoreafrom2019to2023,byleadingproviders(intrillionSouthKoreanwon)MobilepaymentmarketsizeSouthKorea2019-2023,byleadingprovidersNaverPayKakaoPayToss807060504030201002019202020212022202324Description:In2023,NaverPay'smarketsizewasapproximately43.5trillionSouthKoreanwon,followedbyKakaoPay,whichhadamarketsizeofaround26trillionwon.TheshareoffintechcompaniessuchasNaverPayandKakaoPayintheSouthKoreanmobilepaymentmarkethasincreasedsignificantlyinrecentyears,whilethemarketshareofbanksandcardcompanieshassteadilydeclined.ReadmoreNote(s):SouthKorea;2019to2023;basedonthevalueoftransactions,bothonlineandofflineSource(s):ChosunBiz;FinancialSupervisoryServiceCHAPTER

05LeadingprovidersMostusedmobilepaymentservicesinSouthKoreaasOctober2023LeadingmobilepaymentprovidersinSouthKorea202325%20%20%15%10%5%13%10%9%8%6%5%5%0%NaverPaySamsungPayKakaoPayKBPayShinhanpLayTossPaybooc/ISPHyundaiAppCard26Description:AccordingtoasurveyconductedinSouthKoreain2023,NaverPaywasthemostwidelyusedmobilepaymentserviceinSouthKorea,atabout20percent.SamsungPayandKakaoPayfollowedwitharound13and10percent,respectively.RegardingtherisingfintechadoptioninSouthKorea,thefintechmarketcontinuestoexpand–andsodoesthedigitalpaymentindustry.ReadmoreNote(s):SouthKorea;SeptermbertoOctober2023;2,943respondents;14yearsandolderSource(s):ConsumerInsight;ElectronicTimesInternetNumberofmobilepaymentusersinSouthKoreaasofApril2022,byprovider(inmillions)NumberofmobilepaymentusersSouthKorea2022,byproviderNumberofcustomersinmillions15051020253035NaverFinancialKakaoPay30.6729.69CoupangPay11Street24.5416.9416.92GmarketSSG.COM9.54VivaRepublicaBaemin8.698.47NHNPAYCOLOTTEMembers7.56.827Description:AsofApril2022,NaverFinancialhadaround31millionregisteredusers,makingitthemostpopularmobilepaymentserviceinSouthKorea.KakaoPaycameinaclosesecondwitharound30millionusers.BigfintechcompanieslikeNaverFinancialandKakaoPayhavebeensteadilyincreasingtheirmarketshareintheSouthKoreanmobilepaymentmarketoverthepastfewyears.ReadmoreNote(s):SouthKorea;April2022Source(s):FinancialSupervisoryService;NationalAssembly(SouthKorea);SeoulEconomicDailyMobilepaymentservicesofferedbymajorretailersinSouthKoreaasofMarch2023,bynumberofusers(inmillions)MajorretailerseasypaymentservicesSouthKorea2023,byusernumbersNumberofusersinmillions0510152025303035NaverPay(Naver)Coupay(Coupang)SmilePay(eBayKorea)SKPay(11street)241616SSGPay(Shinsegae)Lpay(Lotte)9.56.828Description:AsofMarch2023,Naver'smobilepaymentserviceNaverPayhadaround30millionusers,makingitthepaymentservicewiththemostusersamongmajorSouthKoreanretailers.ThiswasfollowedbyCoupang'sCoupayservice,withabout24millionusers.ReadmoreNote(s):SouthKorea;March30,2023Source(s):BizwatchMostusedmobilepaymentservicesinSouthKoreaasofDecember2023,byagegroupLeadingmobilepaymentservicesinSouthKorea2023,byageNaverPayKakaoPaytosspaySamsungPayPAYCO10-19years20-29years30-39years40-49years50-59years29Description:AccordingtoasurveyconductedinSouthKoreainDecember2023,NaverPaywasthemostwidelyusedmobilepaymentserviceacrossallagegroupsexceptforteenagers.Thehighestusageratewasamongthoseintheirthirties,witharound85percentofthemusingthisservice.NaverPayandKakaoPaywerethetwomostpopularpaymentservicesinSouthKorea,withNaverPayhavingaslightlyhigherusagerate.

ReadmoreNote(s):SouthKorea;December16to21,2023;1,416respondents*;*Respondentswhohavepaidonlinewithmobilepaymentmethodswithinthelastyear.Multipleanswerswerepossible.Thereleasedateu