Credit card transaction value South Korea 2002-2023

In 2023, the value of credit card transactions in South Korea amounted to around 1,015 trillion South Korean won, an increase from about 953 trillion won the previous year. The number and volume of credit card transactions have steadily increased in South Korea in recent decades. Compared with 2002, the transaction value has almost doubled.

Credit card usage in South Korea

Credit card has become a very popular means of payment in South Korea. According to a survey, credit cards are the most preferred payment method among South Koreans, while cash accounts for only a relatively small proportion of total payments. The South Korean credit card industry grew rapidly after the government actively promoted the use of credit cards in the 1990s. Since then, the number of credit cards issued annually by banks and credit card companies has even exceeded the 100 million mark.

The rise of mobile payments

In recent years, mobile payments have become very common in South Korea, especially after the COVID-19 outbreak. Also known as 'easy payment services', mobile payment services allow customers to make payments via smartphones using previously stored credit or debit card data. Online and offline payments can be made using just a passcode or fingerprint scan, bypassing the complicated authentication process previously required. Due to the convenience of mobile payments, the transaction value has increased around sevenfold since 2016.