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The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020

The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020

  • August 2016
  • 63 pages
  • ID: 3171303
In this report:
Recovery in the US helped South Korean exports to grow, leading to GDP growth of ##.##% in 2014, before slowing down again in 2015, primarily due to a decrease in exports to China, which is South Korea's main trading partner.
An important consumer driver that is expected to positively contribute to the cards and payments industry is the growing economically active population aged ##- ## years, which accounted for ##.##% of the total population in 2015.


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Timetric's 'The Cards and Payments Industry in South Korea (KR): Emerging Trends and Possibilities to 2020' report offers exhaustive analysis of market trends in the Korean cards and payments industry. It offers values and volumes for a number of top performance indicators in the industry including cash, check payments, payment cards, direct debits and credit transfers during the review period (2011-2015).

The study also analyzes several payment card markets operating in the industry and provides exhaustive information on the number of cards in circulation and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers info on the country's challenging landscape containing the market shares of issuers and schemes.

The analysis offers together Timetric's research modeling and analysis expertise to allow banks and card issuers to recognize segment dynamics and ambitious advantages. The market research also covers details of regulatory policy and new changes in the regulatory structure.


Timetric's 'The Cards and Payments Industry in South Korea (KR): Emerging Trends and Alternatives to 2020' report offers top-level market analysis information and business insights into the Korean cards and payments industry containing:

- Current and forecast values for each market in the Korean cards and payments industry including debit and pay later cards.

- Detailed insights into payment instruments including cash credit transfers direct debits checks and payment cards. It also comprises an overview of the country's main alternative payment instruments.

- E-commerce market analysis and payment types.

- Analysis of different market drivers and regulations governing the Korean cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit and pay later cards.

- Comprehensive analysis of consumer attitudes and buying preferences for cards.

- The challenging landscape in the Korean cards and payments industry.


- This industry report offers a exhaustive analysis of the Korean cards and payments industry.

- It offers current values for the Korean cards and payments industry for 2015 and forecast figures to 2020.

- It details the distinct demographic economic infrastructural and business drivers affecting the Korean cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by several banks and other institutions.

Great reasons to purchase

- Make tactical business decisions using top-level historic and forecast market data related to the Korean cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Korean cards and payments industry.

- Assess the ambitious dynamics in the Korean cards and payments industry.

- Gain insights into marketing strategies used for different card types in South Korea (KR).

- Gain insights into main regulations governing the Korean cards and payments industry.

Key Findings

- The uptake of alternative payments among South Korean consumers is gaining traction due to the emergence of a number of options including Samsung Pay Naver Pay and Quick Pass. Banks merchants and telecom companies are investing to offer their customers a choice of payment options whether in-store at home or on the move. Samsung Pay which was launched in August 2015 has already registered transactions worth $1.0B (KRW1.2 trillion). Similarly Naver Pay which was introduced in June 2015 by South Korea's search engine Naver recorded 11 million registered users. SK Telecom and MasterCard also launched their respective mobile payment solutions in 2015. More recently in June 2016 China Union Pay expanded its m-payment service Quick Pass for South Korean consumers in association with KT Corporation and BC Card.

- An increase in household debt prompted the South Korean government to introduce measures to control consumer credit card spending and encourage them to use debt-free payment instruments including debit and prepaid cards. In this regard the government had passed a tax reform bill in 2012 which increased tax deductions on debit and prepaid card spending from 20.0 percent to 30.0 percent while it was reduced from 20.0 percent to 15.0 percent for credit cards. Furthermore the financial authorities and card issuers collectively developed guidelines limiting the eligibility of additional credit card subscribers to adults with certain minimum credit ratings (grades 1-6) and made it mandatory for card issuers to consider the disposable income of a cardholder when establishing their credit line. More recently in January 2014 the Financial Services Commission increased the daily purchase limit on debit card use from US$2,847 (KRW3 million) to US$5,659 (KRW6 million) from January 2014.

- In a move to provide secured transactions at ATMs the Financial Supervisory Service announced a additional policy to block the use of magnetic stripe cards in all of the country's ATMs from May 2015. The shift to a chip-card-only policy began in March 2015 following successful trials of chip cards for cash advances and credit card loans at ATMs. According to the FSS 99.10 percent of the cards in circulation in South Korea (KR) were chip cards at the time of announcement. Consumers who were still holding magnetic cards were advised to get them replaced with chip cards from their respective banks.

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