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2 clusters · 5 sources · 12 days · First seen · Last updated

South Korean digital and mobile payment growth

Overview

Data from the Bank of Korea indicates a significant rise in digital and mobile payment usage in South Korea during the first half of the year.

Daily average usage of simple payment services reached a record 1.2264 trillion won, marking a 16.8% increase from the previous year. This growth was supported by an expansion in e-commerce and a surge in simple remittance services based on prepaid funds. Fintech platforms such as Naver Pay and Kakao Pay have become dominant, accounting for 55.4% of the total simple payment market.

Overall daily average payment card usage rose to 3.777 trillion won, a 7.6% year-on-year increase. There is a clear trend toward non-physical transactions, which grew by 10.6% to average 1.789 trillion won daily. Within these non-physical transactions, fintech providers handled 72% of the volume. While physical card transactions grew by 2.5%, internet banking saw substantial growth, with daily average transaction amounts increasing by 23.9% to 106.4 trillion won.

Entities

Bank of Korea · Kakao Pay · Naver Pay

Timeline

  1. [BUSINESS] 3 sources
    South Korea mobile payment usage surges in first half of year

    South Korean daily payment card usage rose 7.6% to 3.777 trillion won in H1, driven by a surge in mobile-based simple payment services and fintech usage.

  2. [BUSINESS] 2 sources
    South Korean simple payment usage hits record 1.2 trillion won daily average

    Daily average simple payment usage in South Korea hit a record 1.22 trillion won in the first half of the year, a 16.8% increase driven by rising e-commerce and electronic finance services.

Sources

biz.heraldcorp.com · hani.co.kr · newsinspace.kr · newstomato.com · sisajournal.com