Payments Landscape in South Korea: Opportunities and Risks to 2022
GlobalDatas "Payments Landscape in South Korea: Opportunities and Risks to 2022", report provides detailed analysis of market trends in South Koreas cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, direct debit, payment cards, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018-22f). It also offers information on the countrys competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
This report provides top-level market analysis, information and insights into South Koreas cards and payments industry, including -
- Current and forecast values for each market in South Koreas cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash, credit transfers, direct debit, cheques, and payment cards. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing South Koreas cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- The emergence of digital-only banks K-Bank and KakaoBank is likely to further accelerate the shift towards electronic payments. The banks were launched in April and July 2017 respectively. Both allow consumers to open bank accounts in-app. Nearly 300,000 new accounts were opened with KakaoBank within 24 hours of its launch, and as of September 2017 the bank had a customer base of 3.9 million. It offers credit loans and overdrafts at a minimum rate of 2.86% per annum - the lowest among the countrys banks. Moreover, KakaoBanks debit card does not have an annual fee, unlike many traditional banks. In December 2015, Shinhan Bank launched a mobile-only banking platform, Sunny Bank, allowing individuals to open bank accounts via mobile authentication.
- The uptake of alternative payments among South Koreans is gaining traction due to the emergence of solutions such as Samsung Pay, KakaoPay, Naver Pay, and QuickPass. In April 2018, South Korea-based payment solutions provider HAREX InfoTech and Jeju Bank launched a mobile app, UBpay, which allows users to make payments for both in-store and online purchases. Users can pay via a merchants QR code, a barcode, or contactless. In June 2017, electronics manufacturing company LG launched its mobile payment solution LG Pay. It can be used to make contactless mobile payments, and supports credit cards from Shinhan Card, KB Kookmin Card, BC Card, and Lotte Card.
- To reduce the dependence on cash for smaller-value transactions, the Bank of Korea (BOK) (the countrys central bank) launched the Coinless Society Project with a pilot in April 2017. This allowed merchants to transfer the remaining balance from the total payment value to a customers bank account or other electronic payment instrument (such as a prepaid card), instead of returning it as physical money. If successful this initiative will be expanded to include more merchants, helping to drive electronic payments.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to South Koreas cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in South Koreas cards and payments industry.
- Assess the competitive dynamics in South Koreas cards and payments industry.
- Gain insights into marketing strategies used for various card types in South Korea.
- Gain insights into key regulations governing South Koreas cards and payments industry.
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