Payment methods in South Korea
In 2022, South Koreans spent US$102 billion buying goods and services online, growing to US$121 billion by 2027.
Market takeaways
- In 2022, South Koreans spent US$102 billion buying goods and services online, growing to US$121 billion by 2027.
- One type of digital payment method, e-wallets, is used in a quarter of all online purchases. Popular e-wallets in South Korea include Naver Pay and PayCo.
- Four percent of all South Koreans' online purchases, worth almost US$5 billion, come from merchants in other countries.
- Koreans complete 65% of all online transactions using a mobile device, a figure that has stayed the same since 2020.
- On average, South Koreans spend US$2,093 every year with online merchants, rising to US$2,357 by 2027.
Population
51.6M
Online population
50.1M
B2C e-commerce
$102B
Banked population
99%
Credit card population
69%
E-commerce of total retail
28%
Payment method breakdown
- Card64%
- Cash1%
- Bank Transfer6%
- E-Wallet25%
- Other4%
Card scheme breakdown
- Visa40%
- Mastercard26%
- American Express5%
- Local schemes8%
- Other21%
Cross-border e-commerce
Cross-border shoppers
0%
Share of e-commerce
4%
Cross-border value (est.)
$4.5B
Featured payment methods in South Korea
Popular options based on coverage and prominence in this market.
Kakao Pay
A digital wallet integrated into the Kakao messaging app, used for payments, money transfers, and financial services.
Samsung Pay
A digital wallet that is popular among mobile-first consumers in South Korea.
Naver Pay
A digital wallet operated by the online search giant Naver, deeply integrated into the search and commerce platform.
All payment methods in South Korea
Discover 3 payment methods from around the world
Featured banks in South Korea
Major institutions operating in this market.
KB Kookmin Bank
Seoul, South Korea
KB Kookmin Bank is South Korea's largest bank, part of KB Financial Group, offering retail, corporate, and investment banking.
Shinhan Bank
Seoul, South Korea
Shinhan Bank is part of Shinhan Financial Group, one of South Korea's leading banks with retail, corporate, and investment banking operations across Asia.
Hana Bank
Seoul, South Korea
Hana Bank is part of Hana Financial Group, one of South Korea's top banks, known for its international reach and foreign exchange operations.
Woori Bank
Seoul, South Korea
Woori Bank is one of South Korea's largest banks, offering retail, corporate, and investment banking with a strong presence in Southeast Asia.
Other Banks — South Korea
Seoul, South Korea
Aggregate of remaining banks in South Korea, collectively ~26.8% of domestic banking assets.
All banks in South Korea
Showing 5 of 5 banks
Explore other countries
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