Accept payments in South Korea

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South Korea

South Korean Payment Market Overview

Due to strong technological and mobile adoption, South Korea is one of the biggest e-commerce markets worldwide. Industry figures suggest that the e-commerce volume in the country will grow to 34.5 billion U.S. dollars by the next year.

South Koreans love mobile shopping. 60% of all purchases are via mobile phones, forcing operators to improve their mobile platforms. One-stop shops are attracting more and more consumers. Companies that have multiple online shops try to merge them into a big single online shop, in line with consumer expectations.

Payment Methods in South Korea

Key Market Indicators in Korea

$34,500,000,000
Online shopping market value
60%
Mobile commerce
94%
Bank account penetration
$1,908.57
Avg annual online spend

Banks in Korea

Shinhan Financial Group
NongHyup Financial Group
KB Financial Group
Hana Financial Group
Korea Development Bank
Woori Financial Group
Industrial Bank of Korea
BNK Financial Group

Mobile Carriers in Korea

SK Telecom
KT
LG Uplus

Integrate Korean Payment Methods

Visa, MasterCard and Amex are the most widely accepted credit card types for cross-border ecommerce transactions. In addition to Visa and MasterCard, there are several other card brands operating in Korea – BC Card, Lotte Card, and T-Money.

E-wallet payment enables users to purchase goods or services online using their virtual wallet, such as KakaoPay or Toss, that become one of the most popular payment methods in the country. Money can be loaded to the user’s e-money account from several sources such as credit card and online bank transfer. E-money can be accessed and stored in a mobile device or an online account.

Country Statistics
Region East Asia
Population 52 million
E-commerce market size $34.5 billion
Local currency KRW
Key Metrics
Internet penetration rate 96%
Internet cost $17/month
Mobile penetration rate 79%
Cellular technology standard 4G, 5G
Dual sim usage 6.8%
Popular mobile OS Android
Other Information
Big Mac Index 3.71
Average annual income $33,604
Largest Cities in Korea by Population
Seoul 9,904,312
Busan 3,448,737
Incheon 2,890,451
Daegu 2,466,052
Daejeon 1,538,394
Gwangju 1,502,881
Suwon 1,194,313
Ulsan 1,166,615

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