The research report provides in depth analysis and insights into the South Korea Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry drivers, trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.
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South Korea’s population grew steadily from 50 million in 2012 to 50.7 million in 2014, and is expected to reach 51.7 million by 2020, which is expected to result in increased card spending over the forecast period. Also the percentage of the urban population in total population grew from 81% in 2012 to 82.5% in 2014 and is expected to grow further over the forecast period, to reach 83.4% in 2020. The increase in urbanization will be lead to increase in the scope for payment cards use.
In South Korea, debit cards dominate the payment card market in terms of number of cards in circulation. In 2014, the debit cards accounted for 62% of the total number of cards in circulation. The transaction volume of debit cards at POS terminals accounted for 86.6% of the total debit card transactions in 2014. The frequency of debit card usage increased at a CAGR of 26.7% during 2012-2014. The frequency of transaction is expected to reach up to 59.1 times by 2020. Debit card turnover witnessed a CAGR of 7.5%, growing from KRW 2,510.8 in 2012 to KRW 2,899.0 in 2014. Key players in the debit cards market include Shinhan Card, Nonghyup Bank, KB Kookmin Card, Woori Financial Group and Hana Financial Group.
Pay Later cards are primarily used by consumers at POS terminals for retail purchases, rather than for cash withdrawals at ATMs. Key players in the pay later card market include Shinhan Card, Samsung Card, Hyundai Card, Lotte Card, Nonghyup Bank, KB Kookmin Card, Woori Financial Group and Hana Financial Group. Shinhan Bank was the largest issuer of credit cards in 2014.
In June 2016, UnionPay International announced the launch of host card emulation (HCE) and tokenization based mobile payment service in South Korea, allowing its cardholders to pay by tapping their mobile phones. The launch of UnionPay HCE mobile QuickPass is supported by mobile network operator KT and its subsidiary BCcard.
In April 2016, KEB Hana Card and Myanmar Payment Union (MPU) signed a memorandum of understanding to produce a co-branded debit card. The card is expected to be launch in six months. This collaboration will bring convenience for South Korea people working in Myanmar and vice versa in terms of remitting money to their respective country. Hong Pilate, EVP at KEB Hana Card, said: “I think that Myanmar will have many foreign visitors in the future. MPU is the only payment network provider in Myanmar. Through this MOU, we can work together to develop in the payment sector and cards system in Myanmar.”
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“Use of debit cards will increase because of this cooperation. Their card can be used in our country and our card can also be used in their country. The objective is to expand the network of using the card instead of cash,” U Zaw Lin Htut, CEO at MPU, said.
Reasons to buy
- Access the historical and forecast data of cards and payments market in South Korea.
- Understand the key trends, drivers and growth opportunities in South Korea’s cards and payments market.
- Frame informed and customized strategies for market expansion by identifying the strategies adopted by the key players.
- Access to banks and card issuers’ competitive intelligence.
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