Number of issued credit cards South Korea 2002-2023

In 2023, around 130 million credit cards were issued in South Korea, up from around 124 million in the previous year. The number of credit cards issued exceeded the 100 million mark in 2002, when the government strongly promoted the use of credit cards through deregulation. However, this was followed by a debt crisis, which resulted in a significant drop in new credit card issuance. Another sharp decline in 2014 was attributable to a massive data leak that affected more than 100 million credit card accounts held by three major South Korean card companies.

Credit card companies in South Korea

In 2023, South Korea had eight credit card companies, including Woori Card, KB Kookmin Card, Lotte Card, BC Card, Samsung Card, Shinhan Card, KEB Hana Card, and Hyundai Card. Shinhan Card was the leading card issuer, accounting for nearly 22 percent of the credit card market in 2022. Samsung Card, KB Kookmin Card, and Hyundai Card also ranked among the largest credit card companies in South Korea.

Moving towards a cashless society

Mobile payments have become increasingly popular in recent years, in line with the growing trend towards cashless transactions. The COVID-19 pandemic has also accelerated the adoption of digital payment methods. Among the many service providers, Naver Pay and KakaoPay are two of the most widely used mobile payment services in South Korea.