Growth of Cards and Payments Industry in South Korea: Market Trends & Application Forecast to 2020

The research report provides in depth analysis and insights into the South Korea Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry drivers, trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

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In South Korea, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 62% of the total number of cards in circulation. The transaction volume of debit cards at POS terminals accounted for 86.6% of the total debit card transactions in 2014. The frequency of debit card usage increased at a CAGR of 26.7% during 2012-2014. The frequency of transaction is expected to reach up to 59.1 times by 2020. Debit card turnover witnessed a CAGR of 7.5%, growing from KRW 2,510.8 in 2012 to KRW 2,899.0 in 2014. Key players in the debit cards market include Shinhan Card, Nonghyup Bank, KB Kookmin Card, Woori Financial Group and Hana Financial Group.

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In June 2016, UnionPay International announced the launch of host card emulation (HCE) and tokenization based mobile payment service in South Korea, allowing its cardholders to pay by tapping their mobile phones. The launch of UnionPay HCE mobile QuickPass is supported by mobile network operator KT and its subsidiary BCcard.

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