The number of payment transactions by non-banks in South Korea has shown significant growth from 2013 to 2023, with a notable dip in 2020 followed by an impressive recovery. By 2023, the volume stood at 29.26 billion units. The year-on-year variations highlight a volatile trend, particularly with an increase of 30.89% in 2021 and a drop of 1.63% in 2022, leading to a moderate 3.12% rise in 2023. The last five years' Compound Annual Growth Rate (CAGR) averaged at 3.48%. Looking forward, the forecasted CAGR over the next five years is expected to be 2.29%, with an anticipated total growth rate of 11.97% by 2028.

Future trends to watch for:

Technological advancements and innovations in payment systems likely to drive non-bank payment transactions.
Potential regulatory changes that could impact the non-bank payment sector.
Increased consumer adoption of digital and contactless payment methods.
Impact of economic factors on consumer spending behavior and transaction volumes.