Beyond Dawlish

South Korea Mobile Payment Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 9.60% (2024-2032)

The South Korea mobile payment market is expanding rapidly, owing to several interconnected factors. According to the latest report by IMARC Group, the market size is projected to exhibit a growth rate (CAGR) of 9.60% during 2024-2032.

Download sample copy of the Report: https://www.imarcgroup.com/south-korea-mobile-payment-market/requestsample

South Korea Mobile Payment Industry Trends and Drivers:

The South Korea mobile payment market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by the growing inclination for digital transactions as well as the extensive use of smartphones. Besides this, a conducive environment for mobile payment solutions has been established by the high internet penetration and sophisticated technological infrastructure across the nation. Additionally, the COVID-19 pandemic has accelerated the shift towards contactless payments, further boosting the South Korea mobile payment market. Furthermore, consumers are embracing cashless payment methods for convenience and security, leading to the growth of platforms offering services such as QR code payments, Near Field Communication (NFC), and app-based payment systems.

Key trends in the South Korea mobile payment market include the integration of mobile payment platforms with other financial services like digital wallets, e-commerce, and peer-to-peer transfers. In addition to these factors, companies are also leveraging advanced technologies such as blockchain and biometric authentication to enhance transaction security and user experience. Moreover, partnerships between technology firms, financial institutions, and retailers are driving the adoption of mobile payments across various sectors, including retail, transportation, and dining. In line with these factors, the rise of super apps that combine multiple services, from payments to entertainment and shopping, is also a notable trend. Apart from this, favorable government policies promoting digital finance are expected to drive sustained growth in the market. Consequently, the convergence of these factors is anticipated to propel the expansion of the South Korea mobile payment market in the coming years.

We explore the factors driving the growth of the market, including technological advancements, consumer behaviors, and regulatory changes, along with emerging South Korea mobile payment market trends.

South Korea Mobile Payment Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Payment Type:

• Proximity Payment
  • Near Field Communication (NFC)
  • Quick Response (QR) Code
• Remote Payment
  • Internet Payments
  • Direct Operator Billing
  • Digital Wallet
  • SMS Payments

Breakup by Application:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Kakao Pay Corp.
• Naver Corporation
• NHN PAYCO Corp.
• Samsung Electronics Co. Ltd.
• SK pay
• Viva Republica Inc.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.

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