Euromonitor International
- Item successfully added to cart!
  
  Your cart is empty
  
  Check Out View Cart

Country Report

Credit Card Transactions in

Credit Cards in South Korea

23 pages, Nov 2018

US$990

Add to cart Pay by invoice

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Executive Summary

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Mobile payment platforms drive credit card growth

Mobile payment both online and offline is increasing significantly in South Korea, as consumers can easily make payments with their mobile payment platforms through most online shopping sites. In addition, mobile proxy payment terminals are also expanding quickly with various platforms such as Samsung Pay, SSG Pay and PAYCO.

Premiumisation in credit cards targets millennials

To target millennials, who tend to prioritise short-term spending over long-term saving, credit card companies have introduced semi-premium credit cards with annual fees of approximately USD150, whilst the annual fee for luxury premium cards is approximately USD500 in South Korea. The credit cards are offering benefits mostly focusing on travel and leisure, such as a priority pass lounge card and extra discounts when booking flights and hotels in response to the travel boom in the region.

Card companies’ profits squeezed in an increasingly competitive environment

Whilst credit card value sales are growing every year, the profits of card companies appear to be starting to decline, since the South Korean government keeps pushing card companies to decrease the fees they charge the merchants and card companies offer many types of benefits to consumers against a backdrop of intensifying competition. Thus, credit card companies are actively developing various card loan products such as auto loans or short-term and long-term credit loans with favourable interest rates.

COMPETITIVE LANDSCAPE

Shinhan Card leads credit cards

Shinhan Card maintained its leading position in 2017 with its backing from Shinhan Bank and various targeted marketing strategies. “Shinhan Deep Dream Card”, which was introduced in 2017, is becoming one of the most popular card issued by Shinhan, as this card does not have any limitations in terms of receiving reward points in order to make all benefits simple, whilst other credit cards need to be above a certain amount of spending and can only get all the benefits in specific stores.

Hyundai Card on the tails of Shinhan Card and Samsung Card

Whilst Shinhan Card and Samsung Card are competing with each other, Hyundai Card is also engaged in a rapid chase to follow them. Hyundai has simplified its credit card products by numbers and colours, based on each card’s benefits and premium class, which attract consumers with trendy marketing.

Overseas spending on credit cards increases

Along with the travel boom in South Korea, credit card spending overseas is also increasing considerably. South Korean travellers are already familiar with using credit cards everywhere and card companies are also offering competitive rewards programmes to further drive the spending abroad.

Files are delivered directly into your account within a few minutes of purchase.

Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

Want to find out more about this report?

Request more information

Charge Cards in South Korea - Category analysis

Charge Cards in South Korea - Company Profile

PROSPECTS

Credit Cards in South Korea - Category analysis

Credit Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Mobile payment platforms drive credit card growth

Premiumisation in credit cards targets millennials

Card companies’ profits squeezed in an increasingly competitive environment

COMPETITIVE LANDSCAPE

Shinhan Card leads credit cards

Hyundai Card on the tails of Shinhan Card and Samsung Card

Overseas spending on credit cards increases

CATEGORY DATA

Table 1 Credit Cards: Number of Cards in Circulation 2013-2018
Table 2 Credit Cards Transactions 2013-2018
Table 3 Credit Cards in Circulation: % Growth 2013-2018
Table 4 Credit Cards Transactions: % Growth 2013-2018
Table 5 Commercial Credit Cards: Number of Cards in Circulation 2013-2018
Table 6 Commercial Credit Cards Transactions 2013-2018
Table 7 Commercial Credit Cards in Circulation: % Growth 2013-2018
Table 8 Commercial Credit Cards Transactions: % Growth 2013-2018
Table 9 Personal Credit Cards: Number of Cards in Circulation 2013-2018
Table 10 Personal Credit Cards Transactions 2013-2018
Table 11 Personal Credit Cards in Circulation: % Growth 2013-2018
Table 12 Personal Credit Cards Transactions: % Growth 2013-2018
Table 13 Credit Cards: Number of Cards by Issuer 2013-2017
Table 14 Credit Cards: Number of Cards by Operator 2013-2017
Table 15 Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 16 Credit Cards Payment Transaction Value by Operator 2013-2017
Table 17 Commercial Credit Cards: Number of Cards by Issuer 2013-2017
Table 18 Commercial Credit Cards: Number of Cards by Operator 2013-2017
Table 19 Commercial Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 20 Commercial Credit Cards Payment Transaction Value by Operator 2013-2017
Table 21 Personal Credit Cards: Number of Cards by Issuer 2013-2017
Table 22 Personal Credit Cards: Number of Cards by Operator 2013-2017
Table 23 Personal Credit Cards Payment Transaction Value by Issuer 2013-2017
Table 24 Personal Credit Cards Payment Transaction Value by Operator 2013-2017
Table 25 Forecast Credit Cards: Number of Cards in Circulation 2018-2023
Table 26 Forecast Credit Cards Transactions 2018-2023
Table 27 Forecast Credit Cards in Circulation: % Growth 2018-2023
Table 28 Forecast Credit Cards Transactions: % Growth 2018-2023
Table 29 Forecast Commercial Credit Cards: Number of Cards in Circulation 2018-2023
Table 30 Forecast Commercial Credit Cards Transactions 2018-2023
Table 31 Forecast Commercial Credit Cards in Circulation: % Growth 2018-2023
Table 32 Forecast Commercial Credit Cards Transactions: % Growth 2018-2023
Table 33 Forecast Personal Credit Cards: Number of Cards in Circulation 2018-2023
Table 34 Forecast Personal Credit Cards Transactions 2018-2023
Table 35 Forecast Personal Credit Cards in Circulation: % Growth 2018-2023
Table 36 Forecast Personal Credit Cards Transactions: % Growth 2018-2023

Debit Cards in South Korea - Category analysis

Debit Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Favourable regulation leads to debit card growth

Debit cards issued by credit card and securities companies

Digital-only banks offering mobile payment platforms

COMPETITIVE LANDSCAPE

Nonghyup Bank leads debit cards with various benefits

Celebrity marketing works in debit card industry

CATEGORY DATA

Table 37 Debit Cards: Number of Cards in Circulation 2013-2018
Table 38 Debit Cards Transactions 2013-2018
Table 39 Debit Cards in Circulation: % Growth 2013-2018
Table 40 Debit Cards Transactions: % Growth 2013-2018
Table 41 Debit Cards: Number of Cards by Issuer 2013-2017
Table 42 Debit Cards: Number of Cards by Operator 2013-2017
Table 43 Debit Cards Payment Transaction Value by Issuer 2013-2017
Table 44 Debit Cards Payment Transaction Value by Operator 2013-2017
Table 45 Forecast Debit Cards: Number of Cards in Circulation 2018-2023
Table 46 Forecast Debit Cards Transactions 2018-2023
Table 47 Forecast Debit Cards in Circulation: % Growth 2018-2023
Table 48 Forecast Debit Cards Transactions: % Growth 2018-2023

Pre-Paid Cards in South Korea - Category analysis

Pre-Paid Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Traditional open-loop prepaid cards decline

New types of prepaid functions on mobile wallets gaining popularity

Closed-loop prepaid cards records continued growth with use in increasing channels

COMPETITIVE LANDSCAPE

Korea Smart Card still dominates

Kona Card enters the open-loop prepaid card category, with new features

CATEGORY DATA

Table 49 Pre-paid Cards: Number of Cards in Circulation 2013-2018
Table 50 Pre-paid Cards Transactions 2013-2018
Table 51 Pre-paid Cards in Circulation: % Growth 2013-2018
Table 52 Pre-paid Cards Transactions: % Growth 2013-2018
Table 53 Closed Loop Pre-paid Cards Transactions 2013-2018
Table 54 Closed Loop Pre-paid Cards Transactions: % Growth 2013-2018
Table 55 Open Loop Pre-paid Cards Transactions 2013-2018
Table 56 Open Loop Pre-paid Cards Transactions: % Growth 2013-2018
Table 57 Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 58 Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 59 Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 60 Pre-paid Cards Transaction Value by Operator 2013-2017
Table 61 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 62 Closed Loop Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 63 Closed Loop Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 64 Closed Loop Pre-paid Cards Transaction Value by Operator 2013-2017
Table 65 Open Loop Pre-paid Cards: Number of Cards by Issuer 2013-2017
Table 66 Open Loop Pre-paid Cards: Number of Cards by Operator 2013-2017
Table 67 Open Loop Pre-paid Cards Transaction Value by Issuer 2013-2017
Table 68 Open Loop Pre-paid Cards Transaction Value by Operator 2013-2017
Table 69 Forecast Pre-paid Cards: Number of Cards in Circulation 2018-2023
Table 70 Forecast Pre-paid Cards Transactions 2018-2023
Table 71 Forecast Pre-paid Cards in Circulation: % Growth 2018-2023
Table 72 Forecast Pre-paid Cards Transactions: % Growth 2018-2023
Table 73 Forecast Closed Loop Pre-paid Cards Transactions 2018-2023
Table 74 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2018-2023
Table 75 Forecast Open Loop Pre-paid Cards Transactions 2018-2023
Table 76 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2018-2023

Store Cards in South Korea - Category analysis

Store Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Store cards looking for next growth drivers

Major retailing players adoption of online payment platforms will be the next model for store cards in South Korea

COMPETITIVE LANDSCAPE

Hyundai Department Store is the clear leader

Lack of popularity and opportunities to work with other card companies remove incentives to keep offering store cards

Financial card companies’ competitive benefits negatively affect store cards

CATEGORY DATA

Table 77 Store Cards: Number of Cards in Circulation 2013-2018
Table 78 Store Cards Transactions 2013-2018
Table 79 Store Cards in Circulation: % Growth 2013-2018
Table 80 Store Cards Transactions: % Growth 2013-2018
Table 81 Store Cards: Number of Cards by Issuer 2013-2017
Table 82 Store Cards: Payment Transaction Value by Issuer 2013-2017
Table 83 Forecast Store Cards: Number of Cards in Circulation 2018-2023
Table 84 Forecast Store Cards Transactions 2018-2023
Table 85 Forecast Store Cards in Circulation: % Growth 2018-2023
Table 86 Forecast Store Cards Transactions: % Growth 2018-2023

Financial Cards and Payments in South Korea - Industry Overview

EXECUTIVE SUMMARY

Financial cards transactions continue to record positive growth

Debit cards sees strong growth thanks to favourable government regulations

Digital-only banks appear and are expected to expand their business scope

Shinhan Card leads financial cards market but is threatened by followers

Financial cards transactions to show healthy growth with development of mobile payment platforms

MARKET INDICATORS

Table 87 Number of POS Terminals: Units 2013-2018
Table 88 Number of ATMs: Units 2013-2018
Table 89 Value Lost to Fraud 2013-2018
Table 90 Card Expenditure by Location 2017
Table 91 Financial Cards in Circulation by Type: % Number of Cards 2013-2018
Table 92 Domestic versus Foreign Spend 2018

MARKET DATA

Table 93 Financial Cards by Category: Number of Cards in Circulation 2013-2018
Table 94 Financial Cards by Category: Number of Accounts 2013-2018
Table 95 Financial Cards Transactions by Category: Value 2013-2018
Table 96 Financial Cards by Category: Number of Transactions 2013-2018
Table 97 Consumer Payments by Category: Value 2013-2018
Table 98 Consumer Payments by Category: Number of Transactions 2013-2018
Table 99 M-Commerce by Category: Value 2013-2018
Table 100 M-Commerce by Category: % Value Growth 2013-2018
Table 101 Financial Cards: Number of Cards by Issuer 2013-2017
Table 102 Financial Cards: Number of Cards by Operator 2013-2017
Table 103 Financial Cards: Card Payment Transactions Value by Operator 2013-2017
Table 104 Financial Cards: Card Payment Transactions Value by Issuer 2013-2017
Table 105 Forecast Financial Cards by Category: Number of Cards in Circulation 2018-2023
Table 106 Forecast Financial Cards by Category: Number of Accounts 2018-2023
Table 107 Forecast Financial Cards Transactions by Category: Value 2018-2023
Table 108 Forecast Financial Cards by Category: Number of Transactions 2018-2023
Table 109 Forecast Consumer Payments by Category: Value 2018-2023
Table 110 Forecast Consumer Payments by Category: Number of Transactions 2018-2023
Table 111 Forecast M-Commerce by Category: Value 2018-2023
Table 112 Forecast M-Commerce by Category: % Value Growth 2018-2023

Megatrends

Country Report

Credit Cards in South Korea

New Report Guarantee

Executive Summary

New Report Guarantee

PROSPECTS

Mobile payment platforms drive credit card growth

Premiumisation in credit cards targets millennials

Card companies’ profits squeezed in an increasingly competitive environment

COMPETITIVE LANDSCAPE

Shinhan Card leads credit cards

Hyundai Card on the tails of Shinhan Card and Samsung Card

Overseas spending on credit cards increases

Overview

Why buy this report?

Want to find out more about this report?

Table of Contents

Charge Cards in South Korea - Category analysis

Charge Cards in South Korea - Company Profile

PROSPECTS

Credit Cards in South Korea - Category analysis

Credit Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Mobile payment platforms drive credit card growth

Premiumisation in credit cards targets millennials

Card companies’ profits squeezed in an increasingly competitive environment

COMPETITIVE LANDSCAPE

Shinhan Card leads credit cards

Hyundai Card on the tails of Shinhan Card and Samsung Card

Overseas spending on credit cards increases

CATEGORY DATA

Debit Cards in South Korea - Category analysis

Debit Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Favourable regulation leads to debit card growth

Debit cards issued by credit card and securities companies

Digital-only banks offering mobile payment platforms

COMPETITIVE LANDSCAPE

Nonghyup Bank leads debit cards with various benefits

Celebrity marketing works in debit card industry

CATEGORY DATA

Pre-Paid Cards in South Korea - Category analysis

Pre-Paid Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Traditional open-loop prepaid cards decline

New types of prepaid functions on mobile wallets gaining popularity

Closed-loop prepaid cards records continued growth with use in increasing channels

COMPETITIVE LANDSCAPE

Korea Smart Card still dominates

Kona Card enters the open-loop prepaid card category, with new features

CATEGORY DATA

Store Cards in South Korea - Category analysis

Store Cards in South Korea - Company Profile

HEADLINES

PROSPECTS

Store cards looking for next growth drivers

Major retailing players adoption of online payment platforms will be the next model for store cards in South Korea

COMPETITIVE LANDSCAPE

Hyundai Department Store is the clear leader

Lack of popularity and opportunities to work with other card companies remove incentives to keep offering store cards

Financial card companies’ competitive benefits negatively affect store cards

CATEGORY DATA

Financial Cards and Payments in South Korea - Industry Overview

EXECUTIVE SUMMARY

Financial cards transactions continue to record positive growth

Debit cards sees strong growth thanks to favourable government regulations

Digital-only banks appear and are expected to expand their business scope

Shinhan Card leads financial cards market but is threatened by followers

Financial cards transactions to show healthy growth with development of mobile payment platforms

MARKET INDICATORS

MARKET DATA

SOURCES

Why buy this report?

Want to find out more about this report?

Recently Viewed

Complete Catalogue