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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)

P2C

P2C

P2P

SC First Bank

Payout

Korean Federation of Community Credit Cooperatives

Payout

Kyungnam Bank

Payout

Jeonbuk Bank

Payout

Jeju Bank

Payout

K Bank

Payout

Korea Development Bank

Payout

KEB Hana Bank

Payout

Kwangju Bank

Payout

KakaoBank

Payout

Kookmin Bank

Payout

Nonghyup Bank

Payout

Post Bank Korea

Payout

Standard Chartered Korea

Payout

Shinhan Bank Korea

Payout

Busan Bank

Payout

Suhyup Bank

Payout

Citibank Korea

Payout

Woori Bank Korea

Payout

Daegu Bank

Payout

Industrial Bank of Korea

Payout

Payment Methods in South Korea

All
  • All Methods
  • P2C
  • Payout
  • P2P

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