Alternative payments landscape in South Korea
South Korea is the world’s third least cash-reliant country, preceded only by Sweden and New Zealand. So it’s no wonder that digital payments are thriving, with digital wallets growing in popularity in recent years. In our latest case study, we’re looking at the specifics of the South Korean digital payments landscape and predictions for its future growth.
South Korea has been leaning away from cash for some time now, with factors contributing to this, including a robust fintech infrastructure, high penetration rates of smartphones, government policies, and a heavy reliance on payment cards. In fact, the acceptance of credit cards is so widespread that according to a 2020 study, there are 6.2 credit cards per adult, and only about 20% of payments overall are made with cash.
But the next big player coming into the arena is the digital wallet. Obviously pioneered by South Korea’s tech giant Samsung. But although Samsung Pay is by far the most popular digital wallet in the country, others have managed to break through, too, including players originating in the Western hemisphere.
Download this case study to get more in-depth insights into:
- The most popular digital wallets in South Korea, including the native players
- Factors that drive the digital wallet boom
- How the fintech market is growing and ways in which government policies affect this growth