Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The "South Korea Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.
The report provides detailed analysis of market trends in the South Korean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfer, card, cash, direct debits, and cheques during the review-period (2020-24e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report also covers detailed regulatory policies and recent changes in regulatory structure.
Key Highlights
- South Korea ranks among the leading players globally in terms of spending via mobile wallets. They have become a mainstream payment instrument in the country and are now widely used for day-to-day transactions. Domestic players such as Samsung Pay and Kakao Pay have wide merchant acceptance. For example, Samsung Pay was accepted at more than 3 million merchants in South Korea as of July 2024. Meanwhile, international players are boosting mobile wallet uptake further. For example, Apple Pay launched in South Korea in March 2023.
- To boost uptake and usage, payment companies are offering innovative functionalities with their payment cards. In September 2023, Samsung launched an Internet of Things credit card in partnership with KB Kookmin Card and American Express. The card is equipped with SmartThings Find-Samsung's platform for managing smart home devices. This functionality enables users to locate the card if it is lost.
- To benefit from ongoing ecommerce growth, international brands are increasingly entering the space. In June 2024, Chinese online fashion retailer Shein launched its website in South Korea. Similarly, in June 2023, YouTube launched its first official online shopping channel in the country. In June 2024, ecommerce platform Coupang partnered with YouTube to offer the Shopping affiliate program. This enables content creators totag products from connected brands or shopping sites in their videos. If viewers click on the tags and purchase the products, the creators receive a commission.
The report provides top-level market analysis, information and insights into the South Korean cards and payments industry, including:
- Current and forecast values for each market in the South Korean cards and payments industry, including debit, and credit cards.
- Detailed insights into payment instruments including card, credit transfer, cash, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the South Korean cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the South Korean cards and payments industry.
Scope
- Card market size in terms of number of cards, value and volume of transactions in South Korea along with detailed card segmentation of debit, and credit cards available in the country.
- Market sizing and analysis of major payment instruments including card, credit transfer, cash, direct debits, and cheques .
- Payment market trends and growth for both historical and forecast period
- Competitor analysis with detailed insights into leading card issuers and schemes.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- A detailed snapshot of country's key alternative payment brands.
Key Topics Covered:
- Executive Summary
- Market Overview
- Payment Instruments
- Card-Based Payments
- Ecommerce Payments
- In-Store Payments
- Buy Now Pay Later
- Mobile Payments
- P2P Payments
- Bill Payments
- Alternative Payments
- Payment Innovation
- Job Analysis
- Payment Infrastructure and Regulation
Company Coverage:
- NongHyup Bank
- Shinhan Card KB
- Kookmin Card
- Hana Financial Group
- Woori Bank
- Industrial Bank of Korea
- Busan Bank
- Daegu Bank
- Kwangju Bank
- Kyongnam Bank
- Citibank
- National Federation of Fisheries Cooperatives
- Jeonbuk Bank
- Hyundai Card
- Samsung Card
- Standard Chartered
- Lotte Card
- Jeju Bank
- Citibank
For more information about this report visit https://www.researchandmarkets.com/r/l500tu
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