South Korea: mobile payment market size by leading providers 2023

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In 2023, Naver Pay's market size was approximately 43.5 trillion South Korean won, followed by Kakao Pay, which had a market size of around 26 trillion won. 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, while the market share of banks and card companies has steadily declined.

Market size of mobile easy payment services in South Korea from 2019 to 2023, by leading providers (in trillion South Korean won)

Characteristic	Naver Pay	Kakao Pay	Toss
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Release date

March 2024

More information

Region

South Korea

Survey time period

2019 to 2023

Special properties

based on the value of transactions, both online and offline

Supplementary notes

1,000 South Korean won equals 0.73 U.S. dollars or 0.68 euro as of May 2024.

Figures have been rounded.

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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