YoY mobile payment transaction growth South Korea 2019-2020, by provider type
In December 2020, the year-over-year (YoY) growth in mobile easy payment transactions of electronic financial business entities in South Korea reached around 88.6 percent, while mobile phone manufacturers recorded a negative growth of 0.4 percent.
The usage rate of mobile payment services offered by electronic financial business entities increased mainly in the first and last half of 2020, when economic activities were partially restricted due to increased COVID-19 cases. In contrast, the use of mobile phone manufacturers' payment services declined over the same period, as they are predominantly used in offline stores.
The usage rate of mobile payment services offered by electronic financial business entities increased mainly in the first and last half of 2020, when economic activities were partially restricted due to increased COVID-19 cases. In contrast, the use of mobile phone manufacturers' payment services declined over the same period, as they are predominantly used in offline stores.
