Forecast: Value of E-money Payments in South Korea

In 2023, the value of e-money payments in South Korea stood at $0.42 billion. The data from 2013 to 2023 illustrates a declining trend, with significant drops especially noticeable in 2018 and 2020. From 2021 onwards, the trend continues downward with slight fluctuations. In the last two years (2022-2023), there's been a notable year-on-year decrease of about 10% and 13%, respectively. Over the last five years (2018-2023), the Compound Annual Growth Rate (CAGR) is -9.39%.

Looking ahead, forecasts for 2024 to 2028 predict a continued decline in e-money payment values, with a CAGR of -13.73% over the next five years. Key future trends to watch for include the adoption rate of alternative payment methods, regulatory changes, and technological advancements that could either impede or revitalize the e-money sector in South Korea.