Back to region

South Korea

Digital payments are a popular choice in South Korea, where almost two-thirds of the population pay with mobile wallets. In fact, it is one of the world’s leading markets when it comes to digital wallet usage

South Korea flag

Population

51,744,876

Banked Population:

98.67%

Group 427321246

Main industries

Electronics, Automobiles, Telecommunications, Shipbuilding, Chemicals, and Steel

Group 427321247

Main imports

Refined & Crude Petroleum, Petroleum Gas, Integrated Circuits, and Cars

Group 427321248

Main exports

Integrated Circuits, Cars, Refined Petroleum, Passenger and Cargo Ships, and Motor Vehicles (parts and accessories)

GDP stats

$34,997.8

Per capita (USD)

4.1%

Growth annually

12

World ranking

Internet usage

98%

Smartphone usage

97.4%

Credit/debit card usage

55%

Population transacting electronically

74%

Cash Usage

12%

Group 427321245 1

Total volume of digital payments projected to reach

$190.40B (USD)

Payment Methods in South Korea

All
  • All Methods
  • P2P
  • P2C
  • Wire Transfer

P2P

P2C

Woori Bank Korea

Wire Transfer

United Overseas Bank

Wire Transfer

Toss Bank

Wire Transfer

Suhyup Bank

Wire Transfer

Shinhan Bank Korea

Wire Transfer

Post Bank Korea

Wire Transfer

MUFG Bank

Wire Transfer

National Agricultural Cooperative Federation

Wire Transfer

National Forestry Cooperative Federation

Wire Transfer

Nonghyup Bank

Wire Transfer

Standard Chartered Korea

Wire Transfer

KakaoBank

Wire Transfer

J.P. Morgan Chase

Wire Transfer

Jeju Bank

Wire Transfer

K Bank

Wire Transfer

Korea Development Bank

Wire Transfer

KEB Hana Bank

Wire Transfer

Korean Federation of Community Credit Cooperatives

Wire Transfer

Kwangju Bank

Wire Transfer

Kookmin Bank

Wire Transfer

Kyongnam Bank

Wire Transfer

Mizuho Bank

Wire Transfer

Jeonbuk Bank

Wire Transfer

Industrial Bank of Korea

Wire Transfer

Industrial and Commercial Bank of China

Wire Transfer

HSBC Bank Korea

Wire Transfer

DMS Bank Mutual Savings Bank Thrift Institution

Wire Transfer

Daegu Bank

Wire Transfer

Deutsche Bank Korea

Wire Transfer

Credit Union

Wire Transfer

China Construction Bank

Wire Transfer

Bank of Communications

Wire Transfer

Citibank Korea

Wire Transfer

Busan Bank

Wire Transfer

Bank Of China

Wire Transfer

Bank of America

Wire Transfer

BNP Paribas Bank Korea

Wire Transfer

Explore our global payment solutions

Learn more