IMARC Group has recently released a new research study titled “South Korea Mobile Payment Market Report by Payment Type (Proximity Payment, Remote Payment), Application (Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and Others), and Region 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
South Korea Mobile Payment Market Overview
The South Korea Mobile Payment Market size was valued at USD 50.6 Billion in 2024 and is projected to reach USD 191.1 Billion by 2033, growing at a CAGR of 14.2% from 2025 to 2033. This expansion is fueled by the rapid increase in smartphone usage across all age groups and a growing preference for online shopping, which supports the steady growth of mobile payment adoption.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
South Korea Mobile Payment Market Key Takeaways
- Current Market Size: USD 50.6 Billion in 2024
- CAGR: 14.2% (2025-2033)
- Forecast Period: 2025-2033
- Partnerships between fintech startups, banks, and tech giants are increasingly common, aimed at delivering value-added services and user-friendly interfaces, thereby supporting market growth.
- The strong culture of online shopping combined with consumer preference for quick, cashless transactions has accelerated demand for mobile payment options.
- Regulatory frameworks are expanding market penetration in the Seoul Capital Area, Yeongnam, Honam, and Hoseo regions.
- Uneven adoption of mobile payment technologies across different regions poses challenges, albeit mitigated by improving digital infrastructure and enhanced user education.
Sample Request Link: https://www.imarcgroup.com/south-korea-mobile-payment-market/requestsample
Market Growth Factors
The South Korea mobile payment market is propelled by increasing partnerships among fintech startups, banks, and technological giants, focused on providing value-added services and creating user-friendly payment interfaces. These collaborations have significantly enhanced the accessibility and convenience of mobile payments, thereby driving adoption across various consumer segments.
The country’s well-established culture of online shopping and a growing preference for fast, cashless transactions are key market growth drivers. Consumers increasingly favor mobile payment solutions for their ease and speed, accelerating the evolution and expansion of mobile payment methods across South Korea.
Regulatory support is facilitating the expansion of mobile payment services across major regions including the Seoul Capital Area, Yeongnam, Honam, and Hoseo. While Yeongnam is experiencing growth due to rising e-commerce activities, Honam and Hoseo are witnessing infrastructural development in mobile payments, collectively supporting broad-based market growth nationwide.
Market Segmentation
Breakup by Payment Type:
- Proximity Payment
- Near Field Communication (NFC)
- Quick Response (QR) Code
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
Proximity payments, such as NFC and QR codes, offer quick and contactless transactions, while remote payments including internet payments, direct operator billing, digital wallets, and SMS payments facilitate convenient online purchases.
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Mobile payment solutions are increasingly embedded within industries like entertainment, energy and utilities, healthcare, retail, hospitality, and transportation, streamlining transactions and enhancing efficiency across these sectors.
Breakup by Region:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
The Seoul Capital Area showcases strong mobile payment usage due to advanced infrastructure and tech-savvy consumers. Yeongnam is growing steadily through increased e-commerce activities. Honam and Hoseo regions are developing as mobile payment infrastructure improves, with other regions progressively adopting digital payment solutions.
Regional Insights
The Seoul Capital Area dominates the South Korea mobile payment market with high adoption rates driven by advanced infrastructure and tech-savvy users. Yeongnam also shows steady growth spurred by rising e-commerce activity, while Honam and Hoseo are emerging markets benefiting from mobile payment infrastructure development. Together, these regions foster a more connected and efficient financial ecosystem across the country.
Recent Developments & News
In September 2024, Cambodia and South Korea established a cross-border payment system enabling Jeonbuk Bank customers to make QR code payments in Cambodia, aiming to strengthen economic ties and promote financial inclusion. In August 2024, Naver launched its first digital asset wallet, Naver Pay Wallet, in partnership with Chiliz, targeting tech-savvy users by providing a non-custodial crypto wallet. In June 2024, Busan introduced Busan Pay, the first mobile payment service exclusively for foreigners, offering tourists local currency payments, transportation options, and discounts to enhance tourism and provide a multilingual platform.
Key Players
- Kakao Pay Corp.
- Naver Corporation
- NHN PAYCO Corp.
- Samsung Electronics Co. Ltd.
- SK pay
- Viva Republica Inc.
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA,
Email: sales@imarcgroup.com,
Tel No: (D) +91 120 433 0800,
United States: +1-201971-6302
