
South Korea Digital Payments Market Report and Forecast 2025-2034
Description
The South Korea digital payments market size was estimated to expand at a CAGR of 8.70% between 2025 and 2034.
The increasing digital payment transaction amounts indicate a growing prevalence of cashless payments in South Korea. With one of the highest rates of smartphone usage globally, a rising number of South Koreans are opting for mobile payment options. Among the popular digital payment applications in South Korea are Kakao Pay, Naver Pay, and Toss Payments.
As per the South Korea digital payments market analysis, the retail and e-commerce sector is one of the leading end-users of digital banking payments. This is because of the proliferation of online channels for purchasing apparels, renting houses, taking premium services for subscriptions, and booking flight and hotel tickets, among other things. Besides, self-checkout kiosks, which account for 80% of all counters in South Korea, is enabled with digital payment technology to provide a smooth shopping experience to customers.
In the BFSI industry, the use of digital payment channels ensures safe money transfer especially when the amount concerned is large. Mobile banking apps also enable people to track their transaction history, check bank balance, and make quick payments without visiting a bank’s physical branch.
Cloud-based payment platforms are expected to account for a significant share of the South Korea digital payments market. This is because they simplify information sharing between banks and vendors during any electronic purchase and operate independently of on-premise digital payment servers which can get damaged during power outages. It helps banks keep track of the huge volume of digital payments occurring every day and obtain storage services for sensitive information that cannot be compromised. It enables banks to lower their operating costs and improve services while enhancing customer satisfaction.
Market Segmentation
South Korea Digital Payments Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
Application Program Interface
Payment Gateway
Payment Processing
Payment Security and Fraud Management
Transaction Risk Management
Others
Market Breakup by Mode of Payment
Bank Cards
Digital Wallets
Digital Currencies
Net Banking
Others
Market Breakup by Deployment Mode
Cloud
On-Premises
Market Breakup by End Use
BFSI
IT and Telecom
Healthcare
Retail and E-Commerce
Transportation
Others
Competitive Landscape
The market players are focusing on improving their security infrastructure to provide improved protection from data breaches, delivering efficient financial services.
PayPal Holdings Inc.
Samsung Electronics Co. Ltd.
NHN Corp. (NHN Payco Co., Ltd.)
Naver Financial Corp.
Coupang Inc.
Kakao Corp.
Toss Payments Co., Ltd.
Eleventh Street Co., Ltd. (SK Pay)
SSG.com Co., Ltd.
Others
The increasing digital payment transaction amounts indicate a growing prevalence of cashless payments in South Korea. With one of the highest rates of smartphone usage globally, a rising number of South Koreans are opting for mobile payment options. Among the popular digital payment applications in South Korea are Kakao Pay, Naver Pay, and Toss Payments.
As per the South Korea digital payments market analysis, the retail and e-commerce sector is one of the leading end-users of digital banking payments. This is because of the proliferation of online channels for purchasing apparels, renting houses, taking premium services for subscriptions, and booking flight and hotel tickets, among other things. Besides, self-checkout kiosks, which account for 80% of all counters in South Korea, is enabled with digital payment technology to provide a smooth shopping experience to customers.
In the BFSI industry, the use of digital payment channels ensures safe money transfer especially when the amount concerned is large. Mobile banking apps also enable people to track their transaction history, check bank balance, and make quick payments without visiting a bank’s physical branch.
Cloud-based payment platforms are expected to account for a significant share of the South Korea digital payments market. This is because they simplify information sharing between banks and vendors during any electronic purchase and operate independently of on-premise digital payment servers which can get damaged during power outages. It helps banks keep track of the huge volume of digital payments occurring every day and obtain storage services for sensitive information that cannot be compromised. It enables banks to lower their operating costs and improve services while enhancing customer satisfaction.
Market Segmentation
South Korea Digital Payments Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Solution
Application Program Interface
Payment Gateway
Payment Processing
Payment Security and Fraud Management
Transaction Risk Management
Others
Market Breakup by Mode of Payment
Bank Cards
Digital Wallets
Digital Currencies
Net Banking
Others
Market Breakup by Deployment Mode
Cloud
On-Premises
Market Breakup by End Use
BFSI
IT and Telecom
Healthcare
Retail and E-Commerce
Transportation
Others
Competitive Landscape
The market players are focusing on improving their security infrastructure to provide improved protection from data breaches, delivering efficient financial services.
PayPal Holdings Inc.
Samsung Electronics Co. Ltd.
NHN Corp. (NHN Payco Co., Ltd.)
Naver Financial Corp.
Coupang Inc.
Kakao Corp.
Toss Payments Co., Ltd.
Eleventh Street Co., Ltd. (SK Pay)
SSG.com Co., Ltd.
Others
Table of Contents
130 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Digital Payments Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Digital Payments Historical Market (2018-2024)
- 5.3 Asia Pacific Digital Payments Market Forecast (2025-2034)
- 5.4 Asia Pacific Digital Payments Market Breakup by Country
- 5.4.1 China
- 5.4.2 Japan
- 5.4.3 India
- 5.4.4 ASEAN
- 5.4.5 Australia
- 5.4.6 South Korea
- 5.4.7 Others
- 6 South Korea Digital Payments Market Overview
- 6.1 Key Industry Highlights
- 6.2 South Korea Digital Payments Historical Market (2018-2024)
- 6.3 South Korea Digital Payments Market Forecast (2025-2034)
- 7 South Korea Digital Payments Market by Solution
- 7.1 Application Program Interface
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Payment Gateway
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Payment Processing
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Payment Security and Fraud Management
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Transaction Risk Management
- 7.5.1 Historical Trend (2018-2024)
- 7.5.2 Forecast Trend (2025-2034)
- 7.6 Others
- 8 South Korea Digital Payments Market by Mode of Payment
- 8.1 Bank Cards
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Digital Wallets
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Digital Currencies
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Net Banking
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Others
- 9 South Korea Digital Payments Market by Deployment Mode
- 9.1 Cloud
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 On-Premises
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 South Korea Digital Payments Market by End Use
- 10.1 BFSI
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 IT and Telecom
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Healthcare
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 Retail and E-Commerce
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Transportation
- 10.5.1 Historical Trend (2018-2024)
- 10.5.2 Forecast Trend (2025-2034)
- 10.6 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 PayPal Holdings Inc.
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 Samsung Electronics Co. Ltd.
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 NHN Corp. (NHN Payco Co., Ltd.)
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 Naver Financial Corp.
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 Coupang Inc.
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Kakao Corp.
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Toss Payments Co., Ltd.
- 12.5.7.1 Company Overview
- 12.5.7.2 Product Portfolio
- 12.5.7.3 Demographic Reach and Achievements
- 12.5.7.4 Certifications
- 12.5.8 Eleventh Street Co., Ltd. (SK Pay)
- 12.5.8.1 Company Overview
- 12.5.8.2 Product Portfolio
- 12.5.8.3 Demographic Reach and Achievements
- 12.5.8.4 Certifications
- 12.5.9 SSG.com Co., Ltd.
- 12.5.9.1 Company Overview
- 12.5.9.2 Product Portfolio
- 12.5.9.3 Demographic Reach and Achievements
- 12.5.9.4 Certifications
- 12.5.10 Others
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