Top Mobile Payment Service Providers in South Korea 2020 and their Reaction to the COVID-19 Crisis

Spread of COVID-19 Brings Growth in Mobile Payments in South Korea

This study provides details on the increase of users of mobile payment services in South Korea. Among the findings in the report is the effect of the 2020 coronavirus pandemic on the reaction of top mobile payment service providers in the country.

Mobile payment transactions surge in South Korea during the pandemic

Making transactions via mobile payment services was already a trend in South Korea before the COVID-19 outbreak. In 2019, the mobile payments penetration in South Korea accounted for a noteworthy value. The practice has further accelerated since the measures of the COVID-19 lockdown came into place in South Korea. Transactions made through mobile payments in 2020 have increased significantly compared to 2019 in South Korea, as reported in the report.

More consumers in South Korea have started making payments via the top mobile payment service provider platforms, during the COVID-19 health crisis

Other interesting facts highlighted in the report include the number of users registered with the top three payment service providers in South Korea: KakaoPay, Naver pay and Toss. This report also highlights the rising number of user registrations received by KakaoPay during the pandemic. Furthermore, the study includes details of the payment innovations introduced by the top mobile payment service providers during the COVID-19 outbreak.