The number of payment cards in South Korea exhibited fluctuations over the period from 2013 to 2023. In 2023, the market saw a slight increase of 0.31% from 2022, reaching 298.21 million units. Notably, the market experienced significant volatility, including a sharp decline of 16.72% in 2020, followed by a substantial rebound of 26.92% in 2021. Over the last five years, the growth averaged an annual increase of 0.15%, signifying stabilized but moderate growth in the payment card market post-2020 disruptions.
Looking ahead, the forecast for the period from 2024 to 2028 suggests a steady annual growth of 0.24%, with the number of cards anticipated to reach 303.93 million units by 2028. This indicates a forecasted growth rate of 1.22% over the next five years, which points to a stable yet gradually increasing market.
Future trends to watch for include advancements in digital payment technologies, potential shifts in consumer preferences towards mobile and contactless payments, and the impact of regulatory changes on the financial services sector. The integration of innovative security features and the rise of fintech could also play pivotal roles in shaping the future trajectory of payment cards in South Korea.