Leading mobile payment providers in South Korea 2023
According to a survey conducted in South Korea in 2023, Naver Pay was the most widely used mobile payment service in South Korea, at about 20 percent. Samsung Pay and Kakao Pay followed with around 13 and 10 percent, respectively. Regarding the rising fintech adoption in South Korea, the fintech market continues to expand – and so does the digital payment industry.
Mobile payment in South Korea
The rising digital payment transaction values show that cashless payment is becoming increasingly widespread in South Korea. Having one of the highest smartphone penetration rates in the world, more and more South Koreans are making use of mobile payment methods. Users register their credit cards with the mobile payment service provider, which enables them to make payments using just a passcode or fingerprint scan, bypassing the authentication process previously required. All they need is a smartphone, whether online or offline.
Key mobile payment players
As the mobile payment industry grows rapidly, so does the competition. Currently, Naver Pay is the leading provider for mobile payments in South Korea. However, other providers such as Samsung Pay and Kakao Pay, as well as credit card institutions, are also expanding their services to meet the growing demand for cashless payments. Mobile payments have experienced a significant surge since the outbreak of the COVID-19 pandemic.
