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Learn moreNov 2019
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As more consumers use credit cards, the value of such transactions grows strongly in South Korea. According to the Bank of Korea, spending per transaction keeps falling in 2019.
E-commerce value sales are still increasing significantly in South Korea. As consumers can easily make payments with their credit cards through most online shopping sites, the total value of credit card transactions increased significantly.
Digital-only bank Kakao Bank plans to issue credit cards in November 2019 for the first time, having been able to only issue debit cards in South Korea thus far. In addition, wire transfer fintech company Toss has also announced that it will issue credit cards in late 2019.
Shinhan Card Co continued to lead credit cards in 2019. It ensures its leading position by developing targeted products for each customer group’s needs and actively developing its mobile app to provide an online transaction service in South Korea.
As travel becomes a very important business area, the number of outbound travellers is increasing rapidly in South Korea, and most operators are actively developing and launching their products to target these areas. Standard Chartered’s flight mileage credit cards have become a big hit as they provide greater benefits with a reasonable annual fee.
The commercial credit card market highly relies on government legislation in South Korea as one of the main uses for commercial credit cards is to pay corporate tax. Many commercial credit card players used to promote by providing cashback benefits when corporations pay tax with their credit cards, however the South Korean government has limited such promotion as it is considered a way to avoid paying tax.
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Discover the latest market trends and uncover sources of future market growth for the Credit Card Transactions industry in South Korea with research from Euromonitor's team of in-country analysts.
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The Credit Card Transactions in South Korea market research report includes:
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Euromonitor’s industry reports, including Credit Card Transactions in South Korea, originate from our database within our Consumer Finance market share and market size database
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.