Credit cards comprised the majority of POS payments in South Korea, whilst the market share of wallets continued to grow since COVID-19. Although credit cards and debit cards combined made up over 70 percent of in-store payments in the Asian country, credit cards were far more dominant than debit cards. This is not surprising, as South Korea had on one of the highest credit card penetration rates in APAC in 2021. Mobile wallets are expected to grow in importance in POS as the users of super app Kakoa are forecast to grow by millions between 2020 and 2025. Kakao shares characteristics with China's WeChat in that it is part of an all-in-one app ecosystem that originally started out as an instant messaging service and can use QR codes for in-store payments.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 17, 2024, from https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 17, 2024. https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 17, 2024. https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in South Korea from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/ (last visited November 17, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in South Korea from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296914/preferred-payment-methods-south-korea/
