Key Market Indicators
The number of credit cards in South Korea is projected to drop to approximately 98 million by 2028, down from around 100 million in 2023. This marks an annual decline of 0.4%. Since 2017, the country's credit card supply has consistently decreased by 1% each year. In 2023, South Korea ranked fifth globally, with Brazil surpassing it at 100 million units. The top spots were held by China, Japan, and Brazil, in that order. On the other hand, South Korea's credit card transactions are expected to reach nearly $739 billion by 2028, up from about $669 billion in 2023. This represents an average annual growth rate of 1.5%. Since 2017, the demand for credit card transactions in the country has increased by 1.6% annually. In 2023, South Korea ranked second worldwide, trailing only the United States with $669 billion in transactions. Following South Korea, Japan and Canada occupied the third and fourth positions, respectively.
