South Korea Cards and Payments: Opportunities and Risks to 2029

The ‘South Korea Cards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the South Korean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2021-25e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2025e-29f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The ‘South Korea Cards and Payments: Opportunities and Risks to 2029' report provides top-level market analysis, information and insights into the South Korean cards and payments industry, including:

• Current and forecast values for each market in the South Korean cards and payments industry, including debit, and credit cards.
• Detailed insights into payment instruments including cash, credit transfer, card, cheques and direct debits . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the South Korean cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the South Korean cards and payments industry.

Key Highlights

• The proliferation of digital-only banks has helped drive competition in the banking space. Prominent digital-only banks, such as KakaoBank, Kbank, and Toss Bank, have successfully garnered millions of customers. As of 2024, KakaoBank reported a customer base of 24.9 million; a notable increase from the 22.8 million recorded in 2023. The bank has set a target to expand its clientele to 30 million by 2027. Kbank achieved the milestone of surpassing 14 million customers as of June 2025. In the first five months of 2025 alone, Kbank amassed over 1.26 million new users, averaging upwards of 250,000, new registrations each month.
• The South Korean Government has authorized foreign residents to establish bank accounts within the country. The Financial Services Commission (FSC), in collaboration with the Ministry of Justice and the Ministry of the Interior and Safety, announced that, starting in March 2025, foreigners residing in Korea who possess registered identification will be permitted to open bank accounts and engage in financial transactions utilizing mobile foreign resident cards. This service will be available at six domestic banks: Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju. This initiative is anticipated to promote the adoption and utilization of debit cards.
• To benefit from ongoing ecommerce growth, international brands are increasingly entering the space. In June 2024, the Chinese online fashion retailer Shein launched its website in South Korea. Similarly, in June 2023, YouTube launched its first official online shopping channel in the country. In June 2024, the ecommerce platform Coupang partnered with YouTube to offer the Shopping affiliate program. This enables content creators to tag products from connected brands or shopping sites in their videos. If viewers click on the tags and purchase the products, the creators receive a commission.

Scope

• Card market size in terms of number of cards, value and volume of transactions in South Korea along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, credit transfer, card, cheques and direct debits.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the South Korean cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the South Korean cards and payments industry.
• Assess the competitive dynamics in the South Korean cards and payments industry.
• Gain insights into marketing strategies used for various card types in South Korea.
• Gain insights into key regulations governing the South Korean cards and payments industry.