The number of debit cards in South Korea exhibited varied trends from 2013 to 2023. The value of 2023 stood at 169.28 million units. From 2013 to 2016, there was a consistent increase, peaking in 2016 with a year-on-year variation around 3%. However, 2017 saw a slight decline, followed by fluctuations until 2019. The most significant drop occurred in 2020, with a 16.44% decrease. Recovery followed in 2021, with a notable 27.34% increase, but declines resumed in subsequent years. The overall compound annual growth rate (CAGR) for the last five years up to 2023 is modest at 0.61%.
Future trends to watch for:
- Technological advancements in digital payments and financial services integration.
- Impact of emerging fintech solutions and competition on traditional banking products.
- Consumer behavior shifts in response to economic conditions and digital adoption.