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

  • ID: 5178023
  • Report
  • October 2020
  • Region: South Korea
  • 44 Pages
  • yStats GmbH & Co. KG
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Spread of COVID-19 Brings Growth in Mobile Payments in South Korea

FEATURED COMPANIES

  • Kakao Corp.
  • Kakao Pay Corp.
  • Naver Corp.
  • Naver Pay Corp.
  • NHN Payco Corp.
  • Samsung Co. Ltd.
  • MORE

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.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Kakao Corp.
  • Kakao Pay Corp.
  • Naver Corp.
  • Naver Pay Corp.
  • NHN Payco Corp.
  • Samsung Co. Ltd.
  • MORE

1. Management Summary

2. Overview

  • COVID-19’s Impact on Mobile Payment Services, September 2020
  • Mobile Payment User Penetration, in % of Adults, by Age Group, 2019
  • Breakdown of Payment Methods Used in E-Commerce, in % of Adults, 2019
  • Breakdown of Reasons for Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Frequency of Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Reasons for Not Using Mobile Payments, in % of Adults Not Using Mobile Payments, 2019
  • Top 5 Mobile Payment Services by Number of Users, in millions, December 2019
  • Share of Total Online Transactions Made Via KakaoPay, Toss and Payco, in %, in 2019
  • Value of Online Shopping Transactions, in KRW trillion, April 2020 - July 2020 Compared to The Same Period in 2019
  • Transaction Volume of Online Shopping Via Mobile Devices, in USD billion, March 2020

3. KakaoPay

  • Profile of KakaoPay, September 2020
  • COVID-19’s Impact on KakaoPay’s activity, September 2020
  • Value of Transactions Completed Via KakaoPay and Y-O-Y Growth, in USD billion and in %, May 2019 & May 2020
  • Preferred Payment Method for College Students, in %, November 2019

4. Naver Pay

  • Profile of Naver Pay, September 2020
  • COVID-19’s Impact on Naver Pay’s Activity, September 2020
  • Monthly Average Number of Individuals Using Naver Pay, in millions, May 2019 & May 2020
  • Preferred Payment Method for Office Workers, in %, November 2019

5. Toss

  • Profile of Toss, September 2020
  • COVID-19’s Impact on Toss Payment’s Activity, September 2020
  • Sales Generated Via Toss’s Platform, in USD million, 2016 & 2019
  • Individuals Registered With Toss, in % of Population, August 2020
  • Transactions Made Online in South Korea Via Toss, in % of Total Transactions, 2019
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  • Kakao Corp.
  • Kakao Pay Corp.
  • Naver Corp.
  • Naver Pay Corp.
  • NHN Payco Corp.
  • Samsung Co. Ltd.
  • Toss
  • Viva Republica Co. Ltd.
Note: Product cover images may vary from those shown
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