Accept payments in South Korea
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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
Banks in Korea
Mobile Carriers in Korea
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.
|E-commerce market size||$34.5 billion|
|Internet penetration rate||96%|
|Mobile penetration rate||79%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||6.8%|
|Popular mobile OS||Android|
|Big Mac Index||3.71|
|Average annual income||$33,604|