1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends
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.

Summary

Table of Contents

Search Inside

Abstract

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.

Brief

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.

Overview

- 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.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Nicolas helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers
Debit Cards in Poland

Debit Cards: In-depth Industry Report in Poland

  • $ 992
  • Industry report
  • October 2017
  • by Euromonitor International

Debit cards remained the largest of the main financial cards categories in Poland in 2017 in terms of volume and current value transactions.The category continued to perform positively thanks to growth ...

Debit Cards in Hong Kong, China

Debit Cards: In-depth Industry Report in Hong Kong, China

  • $ 992
  • Industry report
  • October 2017
  • by Euromonitor International

Both the number of debit cards in circulation and number of transactions increased in 2017, along with average value per transaction and card.In other words, consumers used debit cards more frequently, ...

Debit Cards in the United Kingdom

Debit Cards: In-depth Industry Report in the United Kingdom

  • $ 992
  • Industry report
  • October 2017
  • by Euromonitor International

Despite slower economic growth and weak consumer confidence, debit card spending recorded robust growth in 2017.Given the pace at which consumers adapted to the convenience of contactless technology, debit ...


ref:plp2016

Reportlinker.com © Copyright 2018. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.