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    South Korea Mobile Payments Market

    ID: MRFR/BFSI/59470-HCR
    200 Pages
    Aarti Dhapte
    September 2025

    South Korea Mobile Payments Market Research Report By Transaction Type (Remote Payments, Proximity Payments, In-App Payments, Person-to-Person Payments), By Payment Method (Credit Cards, Debit Cards, Mobile Wallets, Bank Transfers), By End User (Retail Consumers, Businesses, Government) and By Platform (Android, iOS, Web-Based)- Forecast to 2035

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    South Korea Mobile Payments Market Infographic
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    South Korea Mobile Payments Market Summary

    The South Korea Mobile Payments market is poised for substantial growth, with a projected valuation increase from 86.1 million USD in 2024 to 537 million USD by 2035.

    Key Market Trends & Highlights

    South Korea Mobile Payments Key Trends and Highlights

    • The market is expected to grow from 86.1 million USD in 2024 to 537 million USD by 2035.
    • A compound annual growth rate of 18.11 percent is anticipated from 2025 to 2035.
    • The increasing reliance on digital transactions is driving the market expansion.
    • Growing adoption of mobile payment technologies due to enhanced consumer convenience is a major market driver.

    Market Size & Forecast

    2024 Market Size 86.1 (USD Million)
    2035 Market Size 537 (USD Million)
    CAGR (2025-2035) 18.11%

    Major Players

    LG Uplus, Woori Bank, Payco, Samsung Pay, KB Kookmin Bank, Lotte Card, Naver, Toss, Alipay, BC Card, Kakao Pay, Hana Bank, Shinhan Card, NongHyup Bank, Hyundai Card

    South Korea Mobile Payments Market Trends

    The South Korea Mobile Payments Market is experiencing significant market trends shaped by increasing smartphone penetration and growing consumer preference for digital transactions. With a high percentage of the population using smartphones, mobile payment solutions have gained traction across various sectors. The government's active support for digital transformation initiatives, including collaboration with fintech companies, has also accelerated adoption. 

    Moreover, the rise of contactless payments, particularly driven by the COVID-19 pandemic, has enhanced user comfort with mobile transactions and bolstered security features in mobile payment apps.South Korea's high-speed internet and advanced mobile technology are two of the main things that drive the market. These things make digital payments easier and more convenient for users. 

    The fast-paced life in cities makes people want quick and easy ways to pay even more. Also, partnerships between traditional banks and fintech companies have made a strong ecosystem for mobile payments, which has led to new ideas and more customer involvement. One way to take advantage of this market is to use AI and machine learning to make transactions more secure and tailor them to each user.

    As consumers become more accustomed to mobile payments, there is a growing chance for businesses to enhance services with loyalty programs and tailored offers that utilize customer data effectively. The expansion of mobile wallet applications and the potential for cross-border transactions are notable areas ripe for investment, catering to both local and international users looking for seamless payment solutions. 

    In recent times, South Korea has witnessed an increasing trend toward regulatory support for digital currencies and blockchain technologies, indicating a future shift in how mobile payments may operate. Overall, these trends reflect a dynamic environment where consumer behavior, technological advancements, and regulatory frameworks converge to shape the future of mobile payments in South Korea.

    Market Segment Insights

    Mobile Payments Market Transaction Type Insights

    The South Korea Mobile Payments Market is experiencing substantial growth, driven by various transaction types that cater to the evolving preferences of consumers and businesses alike. The dominant transaction types include Remote Payments, Proximity Payments, In-App Payments, and Person-to-Person Payments, each serving unique consumer needs. Remote Payments have gained significant traction, particularly due to the increasing prevalence of e-commerce and online shopping. 

    The convenience of making payments from anywhere has led to a surge in remote transactions, making them a preferred choice for many consumers. Proximity Payments, which involve transactions made through contactless technology, have also seen a rise in usage, facilitated by the widespread adoption of Near Field Communication (NFC) technology and QR codes. This transition towards a cashless society in South Korea is supported by government initiatives encouraging digital transactions, which align with the country’s aim to enhance economic efficiency. 

    -App Payments are becoming increasingly integral to the mobile payment ecosystem as the usage of mobile applications continues to grow. The seamless integration of payment options within apps enhances the user experience, making it easier for customers to purchase digital goods and services without navigating away from the application. This trend is further fueled by the rise of mobile gaming and content subscriptions, where users favor quick and straightforward payment processes. 

    Person-to-Person Payments facilitate individual transactions, reflecting the growing demand for peer-to-peer financial exchanges, particularly amidst social distancing practices fostered by the pandemic. These payments offer enhanced convenience for users looking to transfer funds quickly and easily. The rise of social commerce and community-driven platforms has added a layer of importance to this transaction type, as it supports smaller businesses and local economies. 

    As various transaction types flourish, the South Korea Mobile Payments Market segmentation highlights how diverse consumer behavior shapes the digital payments landscape, thereby influencing market strategies and technological innovations within the industry.

    Mobile Payments Market Payment Method Insights

    The Payment Method segment of the South Korea Mobile Payments Market showcases a dynamic landscape that is rapidly evolving in line with technological advancements and consumer preferences. Credit Cards remain a significant contributor, offering convenience and security to users, while Debit Cards also resonate well due to their appeal for direct account-based transactions.

    Mobile Wallets have seen substantial growth owing to their ease of use and integration with various payment platforms, allowing users to conduct transactions swiftly and securely.Additionally, Bank Transfers continue to play an essential role, particularly for larger purchases and B2B transactions, due to their reliability. This diversification in payment methods highlights the increasing consumer choice and adaptability in South Korea, which is driven by an expanding digital economy and a tech-savvy population. 

    The burgeoning interest in seamless payment solutions offers numerous opportunities for innovation and collaboration among financial institutions, fintech companies, and merchants. With the South Korean government supporting cashless initiatives, the overall market is set for sustained growth, showcasing the importance of integrating diverse payment methods in meeting consumer expectations efficiently.

    Mobile Payments Market End User Insights

    The End User segment of the South Korea Mobile Payments Market plays a crucial role in driving the overall growth and dynamism of the industry. Retail Consumers represent a major part of this segment, as they increasingly favor mobile payment methods for their convenience and speed, reflecting a broader trend towards digitalization in daily transactions.

    Businesses, ranging from small enterprises to large corporations, leverage mobile payment solutions to streamline operations and enhance customer experiences, contributing to notable increases in sales and efficiency.The Government also shows a growing interest in promoting mobile payment systems as part of its initiatives to boost financial inclusion and promote a cashless society. 

    The South Korean government's efforts to adopt advanced technology in finance further support the increasing penetration of mobile payments, aligning with global trends towards digital financial interactions. As consumer behavior shifts and businesses adapt, opportunities for innovation and expansion within this segment continue to grow, fueling a robust competitive landscape in the South Korea Mobile Payments Market.

    Mobile Payments Market Platform Insights

    The South Korea Mobile Payments Market, particularly within the Platform segment, is witnessing significant growth driven by the increasing digitalization of payment systems. Major platforms enabling transactions through mobile devices include Android, iOS, and Web-Based systems. The rapid adoption of smartphones in South Korea has led to a substantial rise in mobile payment solutions, with Android platforms holding a substantial user base due to their accessibility and diverse application ecosystem. 

    iOS is recognized for its security features and user-friendly interface, attracting a dedicated segment of consumers who prioritize privacy in financial transactions, while Web-Based platforms offer convenience for transactions through browsers, enabling users to engage in commerce without the need for additional applications.The dominance of these platforms is further supported by the government's push for a cashless society, along with innovative payment technologies, enhancing user experience and trust. 

    This shift not only aligns with global trends towards digitization but also offers various growth opportunities for service providers aiming to capture South Korea’s tech-savvy market segment. Understanding the South Korea Mobile Payments Market revenue, segmentation, and statistics presents an impressive landscape for stakeholders in the mobile payment industry.

    Get more detailed insights about South Korea Mobile Payments Market Research Report - Forecast till 2035

    Key Players and Competitive Insights

    The South Korea Mobile Payments Market has experienced rapid growth and evolution, making it a vibrant and competitive landscape. The increasing adoption of smartphones and digital wallets, coupled with a tech-savvy consumer base, has driven the surge in mobile payment services. As retailers and financial institutions alike strive to capture market share, a variety of players are leveraging innovative solutions involving user-friendly applications, QR codes, and NFC technology to facilitate seamless transactions. 

    The competition is characterized by not just established telecom operators and banks, but also agile fintech startups that are continually introducing disruptive technologies. This dynamic environment has engendered a focus on usability, security, and integration with other financial services, enhancing the overall experience for consumers while presenting challenges for market participants to remain relevant and competitive.LG Uplus is one of the prominent players in the South Korea Mobile Payments Market, showcasing its significant presence through strategic partnerships and a robust technological infrastructure.

    The company has aimed to enhance user experiences by providing a range of services, including payment solutions that are seamlessly integrated with its telecommunications offerings. 

    The strength of LG Uplus lies in its capabilities to capitalize on its existing customer base, enabling easy access to mobile payment options. Additionally, LG Uplus has focused on advancing its infrastructure to support real-time payments and secure transactions, fostering trust among consumers. The company's investment in innovation positions it favorably within the competitive landscape, as it continuously seeks to expand its offerings and optimize the mobile payment experience for its users.Woori Bank has established itself as a key player in the South Korea Mobile Payments Market, boasting a portfolio of services that caters to both individual customers and businesses.

    The bank offers various financial products, including digital wallets and payment solutions that enhance the ease of transactions for its users. 

    Woori Bank's market presence is bolstered by its long-standing reputation in the banking industry and a commitment to adopting cutting-edge technology. Its strengths lie in extensive customer service and a robust network of physical branches that complement its digital offerings. Additionally, Woori Bank has pursued strategic mergers and acquisitions to enhance its technological capabilities and expand its market reach. By continuously evolving its product lineup and integrating advanced payment solutions, Woori Bank positions itself as a strong competitor in the mobile payments sector in South Korea, responding effectively to the ever-changing market demands and consumer preferences.

    Key Companies in the South Korea Mobile Payments Market market include

    Industry Developments

    Recent developments in the South Korea Mobile Payments Market are marked by significant advancements and shifts among key players. In October 2023, LG Uplus announced an expansion of its mobile payment services in partnership with various local retail chains, aiming to enhance customer convenience through innovative technology. Woori Bank continues to strengthen its mobile banking platform, focusing on integrating advanced security features to cater to the rising demand for secure online transactions. 

    Meanwhile, Payco reported an increase in user adoption as it introduced features aimed at improving the customer experience. Samsung Pay remains a dominant player, working on expanding its ecosystem amid competition from Kakao Pay and Toss, both of which have seen considerable growth in their user base in recent months. Notably, in July 2023, a strategic partnership was reported between Naver and Alipay to enable cross-border payments, enhancing global commerce opportunities for both companies. 

    Additionally, BC Card and Hyundai Card have recently announced plans to develop new fintech solutions together, further intensifying competition in the market as consumers increasingly turn to seamless digital payment alternatives. The dynamic landscape of South Korea's mobile payments sector reflects ongoing innovation and a robust push for enhanced user engagement.

    Market Segmentation

    Mobile Payments Market End User Outlook

    • Retail Consumers
    • Businesses
    • Government

    Mobile Payments Market Platform Outlook

    • Android
    • iOS
    • Web-Based

    Mobile Payments Market Payment Method Outlook

    • Credit Cards
    • Debit Cards
    • Mobile Wallets
    • Bank Transfers

    Mobile Payments Market Transaction Type Outlook

    • Remote Payments
    • Proximity Payments
    • In-App Payments
    • Person-to-Person Payments

    Report Scope

    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 75.6 (USD Million)
    MARKET SIZE 2024 86.1 (USD Million)
    MARKET SIZE 2035 537.0 (USD Million)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 18.105% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Million
    KEY COMPANIES PROFILED LG Uplus, Woori Bank, Payco, Samsung Pay, KB Kookmin Bank, Lotte Card, Naver, Toss, Alipay, BC Card, Kakao Pay, Hana Bank, Shinhan Card, NongHyup Bank, Hyundai Card
    SEGMENTS COVERED Transaction Type, Payment Method, End User, Platform
    KEY MARKET OPPORTUNITIES Increased smartphone penetration, Rising e-commerce adoption, Growing acceptance by retailers, Integration with financial services, Demand for secure payment solutions
    KEY MARKET DYNAMICS high smartphone penetration, strong internet infrastructure, government support for digital payments, increasing consumer demand, competitive fintech landscape
    COUNTRIES COVERED South Korea

    FAQs

    What is the projected market size of the South Korea Mobile Payments Market by 2035?

    The South Korea Mobile Payments Market is expected to reach a value of 537.0 million USD by the year 2035.

    What is the expected CAGR for the South Korea Mobile Payments Market from 2025 to 2035?

    The market is projected to grow at a compound annual growth rate (CAGR) of 18.105% from 2025 to 2035.

    What was the market size for Remote Payments in South Korea in 2024?

    In 2024, the Remote Payments segment in South Korea is valued at 30.0 million USD.

    Which segment is projected to have the highest value by 2035 in the South Korea Mobile Payments Market?

    The Proximity Payments segment is anticipated to reach a value of 160.0 million USD by 2035.

    Who are the major players in the South Korea Mobile Payments Market?

    Significant players include Samsung Pay, Kakao Pay, and Toss, among others.

    What is the value of In-App Payments in South Korea by 2035?

    In-App Payments are expected to be valued at 120.0 million USD by the year 2035.

    How much is the Person-to-Person Payments market estimated to be worth in 2024?

    The Person-to-Person Payments segment is estimated to be worth 11.1 million USD in 2024.

    What are the key growth drivers for the South Korea Mobile Payments Market?

    Increased smartphone usage and the growing preference for cashless transactions are driving market growth.

    What challenges does the South Korea Mobile Payments Market face?

    Challenges include regulatory compliance and competition from international payment systems.

    What is the market size for Proximity Payments in 2024?

    Proximity Payments are valued at 25.0 million USD in 2024.

    South Korea Mobile Payments Market Research Report - Forecast till 2035 Infographic
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