Forecast: Number of Card Payments in South Korea

In 2023, the number of card payments in South Korea stood at 22.39 billion units. Over the past two years, the year-on-year growth rates were 3.89% in 2022 and 3.67% in 2023. The five-year CAGR leading up to 2023 was 4.16%. Notably, the year-on-year growth rates have been consistently declining from double-digit growth in earlier years to single digits, indicating a maturing market.

The forecasted data from 2024 to 2028 shows a continued but slower growth trend, with an expected five-year CAGR of 2.43%, culminating in a projected value of 26.13 billion units in 2028. This points to a more stabilized market with reduced percentage increases but still a steady rise in absolute terms.

Future trends to watch for include potential technological advancements in payment methods, regulatory changes, and shifts in consumer behavior towards digital and contactless payments. The competitive landscape, innovations in fintech, and economic factors could also influence the trajectory of card payment trends in South Korea.