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South Korea
South Korean Payment Market Overview
Due to strong technological and mobile adoption, South Korea is one of the biggest e-commerce markets worldwide. Industry figures suggest that the e-commerce volume in the country will grow to 34.5 billion U.S. dollars by the next year.
South Koreans love mobile shopping. 60% of all purchases are via mobile phones, forcing operators to improve their mobile platforms. One-stop shops are attracting more and more consumers. Companies that have multiple online shops try to merge them into a big single online shop, in line with consumer expectations.
Payment Methods in South Korea
Visa Mastercard AMEX Local Cards Online Bank Transfer Gift Vouchers Cashbee Culture Voucher EggMoney Happy Voucher
T-Money Teencash Kakao Pay PayCo Toss Pay Virtual Account L.Pay
Key Market Indicators in Korea
$34,500,000,000
Online shopping market value
60%
Mobile commerce
94%
Bank account penetration
$1,908.57
Avg annual online spend
Banks in Korea
Shinhan Financial Group
NongHyup Financial Group
KB Financial Group
Hana Financial Group
Korea Development Bank
Woori Financial Group
Industrial Bank of Korea
BNK Financial Group
Mobile Carriers in Korea
SK Telecom
KT
LG Uplus
Integrate Korean Payment Methods
Visa, MasterCard and Amex are the most widely accepted credit card types for cross-border ecommerce transactions. 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. Money can be loaded to the user’s e-money account from several sources such as credit card and online bank transfer. E-money can be accessed and stored in a mobile device or an online account.
Country Statistics
| Region | East Asia |
| Population | 52 million |
| E-commerce market size | $34.5 billion |
| Local currency | KRW |
Key Metrics
| Internet penetration rate | 96% |
| Internet cost | $17/month |
| Mobile penetration rate | 79% |
| Cellular technology standard | 4G, 5G |
| Dual sim usage | 6.8% |
| Popular mobile OS | Android |
Other Information
| Big Mac Index | 3.71 |
| Average annual income | $33,604 |
Largest Cities in Korea by Population
| Seoul | 9,904,312 |
| Busan | 3,448,737 |
| Incheon | 2,890,451 |
| Daegu | 2,466,052 |
| Daejeon | 1,538,394 |
| Gwangju | 1,502,881 |
| Suwon | 1,194,313 |
| Ulsan | 1,166,615 |
