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 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.
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 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 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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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.
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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.