South Korea: mobile payments from fintech firms 2023

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In 2023, fintech companies offering mobile payment services had taken over about 68 percent of the total mobile payments market in South Korea. The share of these companies has been increasing significantly in recent years.

Usage of mobile easy payment services provided by fintech companies in South Korea from 2019 to 2023

Characteristic	Usage rate
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Release date

March 2024

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Region

South Korea

Survey time period

2019 to 2023

Supplementary notes

Based on preliminary values of average daily total personal and corporate credit/debit card transactions in South Korean franchises.

Fintech companies include ICT companies and retailers that offer mobile easy payment services. Card companies were excluded.

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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