In 2023, approximately half of the mobile easy payment market in South Korea was dominated by electronic financial business entities. Financial companies and mobile phone manufacturers held a market share of around 26 percent each. The share of fintech companies, such as Naver Pay and Kakao Pay, in the South Korean mobile payment market has increased significantly in recent years. In contrast, the market share of banks and card companies has been steadily declining.
Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider
based on average daily value of mobile payment transactions
Supplementary notes
*Mobile payment providers such as Kakao Pay and Naver Financial.
**Banks and card companies.
***Mobile phone manufacturers including Samsung.
Mobile easy payment refers to a payment method carried out via mobile devices on which the credit or debit card data is stored. Users register their cards with the mobile payment service provider, which enables them to make online and offline payments using just a passcode or fingerprint scan, bypassing the authentication process previously required.
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Bank of Korea. (March 18, 2024). Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider [Graph]. In Statista. Retrieved November 23, 2024, from https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/
Bank of Korea. "Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider." Chart. March 18, 2024. Statista. Accessed November 23, 2024. https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/
Bank of Korea. (2024). Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider. Statista. Statista Inc.. Accessed: November 23, 2024. https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/
Bank of Korea. "Market Share of Mobile Easy Payment Providers in South Korea from 2020 to 2023, by Type of Provider." Statista, Statista Inc., 18 Mar 2024, https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/
Bank of Korea, Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider Statista, https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/ (last visited November 23, 2024)
Market share of mobile easy payment providers in South Korea from 2020 to 2023, by type of provider [Graph], Bank of Korea, March 18, 2024. [Online]. Available: https://www.statista.com/statistics/1255246/south-korea-mobile-payment-market-share-by-provider-type/
