Executive Summary

Nov 2019
Financial cards and payments shows strong growth towards cashless society

Financial cards and payments posted continued growth in many categories in 2019. The government’s policy of supporting a favourable environment for financial cards drives increasing transactions and consumers’ habit of making transactions via financial cards is well established.

Simple payment platforms see greater opportunities

Simple payment platforms are already very common in South Korea. Major retailing channels such as department stores, internet retailers and electronics companies have actively introduced their own simple payment solutions and attracted consumers across South Korea.

Debit cards expected to grow faster

Among all financial cards in South Korea, debit cards is expected to record the fastest growth, due to favourable government policy to deduct income tax and active product development from operators to attract more customers to their debit card products. The South Korean government offers higher tax deduction rates for debit cards compared with other financial cards, such as credit cards.

Shinhan Card remains market leader

Shinhan Card Co has led financial cards in terms of value share for many years. The company has a long history in the market and a reliable reputation, and it is considered the largest issuer in debit and credit cards.

Financial cards and payments to post stable growth over the forecast period

Financial cards in South Korea is expected to post continued and stable growth over the forecast period, in terms of number of cards, number of transactions and total value. A favourable environment for financial cards will encourage continued growth in South Korea.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in South Korea with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in South Korea market research report includes:

  • Analysis of key supply-side and demand trends  
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Financial Cards and Payments in South Korea?
  • What are the major operators and issuers in South Korea?
  • How will regulation impact the market?  
  • What is the current state of emerging payment technologies such as mobile commerce?

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

Euromonitor’s industry reports, including Financial Cards and Payments in South Korea, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

Financial Cards and Payments in South Korea - Industry Overview

EXECUTIVE SUMMARY

Financial cards and payments shows strong growth towards cashless society
Simple payment platforms see greater opportunities
Debit cards expected to grow faster
Shinhan Card remains market leader
Financial cards and payments to post stable growth over the forecast period

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2014-2019
Table 2 Number of ATMs: Units 2014-2019
Table 3 Value Lost to Fraud 2014-2019
Table 4 Card Expenditure by Location 2019
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2014-2019
Table 6 Domestic versus Foreign Spend 2019

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2014-2019
Table 8 Financial Cards by Category: Number of Accounts 2014-2019
Table 9 Financial Cards Transactions by Category: Value 2014-2019
Table 10 Financial Cards by Category: Number of Transactions 2014-2019
Table 11 Consumer Payments by Category: Value 2014-2019
Table 12 Consumer Payments by Category: Number of Transactions 2014-2019
Table 13 M-Commerce by Category: Value 2014-2019
Table 14 M-Commerce by Category: % Value Growth 2014-2019
Table 15 Financial Cards: Number of Cards by Issuer 2014-2018
Table 16 Financial Cards: Number of Cards by Operator 2014-2018
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2014-2018
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2014-2018
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 20 Forecast Financial Cards by Category: Number of Accounts 2019-2024
Table 21 Forecast Financial Cards Transactions by Category: Value 2019-2024
Table 22 Forecast Financial Cards by Category: Number of Transactions 2019-2024
Table 23 Forecast Consumer Payments by Category: Value 2019-2024
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2019-2024
Table 25 Forecast M-Commerce by Category: Value 2019-2024
Table 26 Forecast M-Commerce by Category: % Value Growth 2019-2024

SOURCES

Summary 1 Research Sources

Charge Cards in South Korea - Category analysis

PROSPECTS

Credit Cards in South Korea - Category analysis

HEADLINES

PROSPECTS

Micro-payments by credit cards intensifying in South Korea
Increasing e-commerce will drive further credit card growth
Fintech operators set to launch credit cards

COMPETITIVE LANDSCAPE

Shinhan Card continues to lead by developing various types of cards for each customer group
Travel becomes a key industry for credit card issuers
Commercial credit card highly depends on government regulation

CATEGORY DATA

Table 27 Commercial Credit Cards in Circulation: % Growth 2014-2019
Table 28 Commercial Credit Cards Transactions: % Growth 2014-2019
Table 29 Personal Credit Cards: Number of Cards in Circulation 2014-2019
Table 30 Personal Credit Cards Transactions 2014-2019
Table 31 Personal Credit Cards in Circulation: % Growth 2014-2019
Table 32 Personal Credit Cards Transactions: % Growth 2014-2019
Table 33 Credit Cards: Number of Cards by Issuer 2014-2018
Table 34 Credit Cards: Number of Cards by Operator 2014-2018
Table 35 Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 36 Credit Cards Payment Transaction Value by Operator 2014-2018
Table 37 Commercial Credit Cards: Number of Cards by Issuer 2014-2018
Table 38 Commercial Credit Cards: Number of Cards by Operator 2014-2018
Table 39 Commercial Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 40 Commercial Credit Cards Payment Transaction Value by Operator 2014-2018
Table 41 Personal Credit Cards: Number of Cards by Issuer 2014-2018
Table 42 Personal Credit Cards: Number of Cards by Operator 2014-2018
Table 43 Personal Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 44 Personal Credit Cards Payment Transaction Value by Operator 2014-2018
Table 45 Forecast Credit Cards: Number of Cards in Circulation 2019-2024
Table 46 Forecast Credit Cards Transactions 2019-2024
Table 47 Forecast Credit Cards in Circulation: % Growth 2019-2024
Table 48 Forecast Credit Cards Transactions: % Growth 2019-2024
Table 49 Forecast Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 50 Forecast Commercial Credit Cards Transactions 2019-2024
Table 51 Forecast Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 52 Forecast Commercial Credit Cards Transactions: % Growth 2019-2024
Table 53 Forecast Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 54 Forecast Personal Credit Cards Transactions 2019-2024
Table 55 Forecast Personal Credit Cards in Circulation: % Growth 2019-2024
Table 56 Forecast Personal Credit Cards Transactions: % Growth 2019-2024

Debit Cards in South Korea - Category analysis

HEADLINES

PROSPECTS

Financial cards dominate payment industry in South Korea, with debit cards growing rapidly
Payment via mobile sees great potential
Two online banks are enjoying contrasting fortunes

COMPETITIVE LANDSCAPE

Issuers of debit cards launch more targeted marketing
NongHyup Bank continues to lead debit cards due to its attractive interest scheme

CATEGORY DATA

Table 57 Debit Cards: Number of Cards in Circulation 2014-2019
Table 58 Debit Cards Transactions 2014-2019
Table 59 Debit Cards in Circulation: % Growth 2014-2019
Table 60 Debit Cards Transactions: % Growth 2014-2019
Table 61 Debit Cards: Number of Cards by Issuer 2014-2018
Table 62 Debit Cards: Number of Cards by Operator 2014-2018
Table 63 Debit Cards Payment Transaction Value by Issuer 2014-2018
Table 64 Debit Cards Payment Transaction Value by Operator 2014-2018
Table 65 Forecast Debit Cards: Number of Cards in Circulation 2019-2024
Table 66 Forecast Debit Cards Transactions 2019-2024
Table 67 Forecast Debit Cards in Circulation: % Growth 2019-2024
Table 68 Forecast Debit Cards Transactions: % Growth 2019-2024

Pre-Paid Cards in South Korea - Category analysis

HEADLINES

PROSPECTS

Open loop pre-paid cards losing popularity
Closed loop pre-paid cards are also facing difficulties

COMPETITIVE LANDSCAPE

Korea Smart Card Co dominates through increased business scope and compatibility with other financial cards
Digital wallet pre-paid function is the next step

CATEGORY DATA

Table 69 Pre-paid Cards: Number of Cards in Circulation 2014-2019
Table 70 Pre-paid Cards Transactions 2014-2019
Table 71 Pre-paid Cards in Circulation: % Growth 2014-2019
Table 72 Pre-paid Cards Transactions: % Growth 2014-2019
Table 73 Closed Loop Pre-paid Cards Transactions 2014-2019
Table 74 Closed Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 75 Open Loop Pre-paid Cards Transactions 2014-2019
Table 76 Open Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 77 Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 78 Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 79 Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 80 Pre-paid Cards Transaction Value by Operator 2014-2018
Table 81 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 82 Closed Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 83 Closed Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 84 Closed Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 85 Open Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 86 Open Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 87 Open Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 88 Open Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 89 Forecast Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 90 Forecast Pre-paid Cards Transactions 2019-2024
Table 91 Forecast Pre-paid Cards in Circulation: % Growth 2019-2024
Table 92 Forecast Pre-paid Cards Transactions: % Growth 2019-2024
Table 93 Forecast Closed Loop Pre-paid Cards Transactions 2019-2024
Table 94 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 95 Forecast Open Loop Pre-paid Cards Transactions 2019-2024
Table 96 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2019-2024

Store Cards in South Korea - Category analysis

HEADLINES

PROSPECTS

Store cards grow with department stores
Store cards targets more affluent consumers

COMPETITIVE LANDSCAPE

Hyundai Department Store Co continues with strong lead
Credit cards companies’ competitive offering enjoys more popularity

CATEGORY DATA

Table 97 Store Cards: Number of Cards in Circulation 2014-2019
Table 98 Store Cards Transactions 2014-2019
Table 99 Store Cards in Circulation: % Growth 2014-2019
Table 100 Store Cards Transactions: % Growth 2014-2019
Table 101 Store Cards: Number of Cards by Issuer 2014-2018
Table 102 Store Cards: Payment Transaction Value by Issuer 2014-2018
Table 103 Forecast Store Cards: Number of Cards in Circulation 2019-2024
Table 104 Forecast Store Cards Transactions 2019-2024
Table 105 Forecast Store Cards in Circulation: % Growth 2019-2024
Table 106 Forecast Store Cards Transactions: % Growth 2019-2024