PROSPECTS AND OPPORTUNITIES
The evolving landscape of the PLCC segment in Korea
The private label credit cards (PLCC) segment in South Korea is seeing substantial growth, as companies have been introducing co-branded credit cards to bring in new subscribers. These PLCCs are especially attractive to brand-loyal customers, because they offer benefits and rewards tailored to their favourite brands.
Expansion of travel-specific cards from debit to credit as the competition intensifies
As the competition in the financial services industry heats up in South Korea, companies are expanding their travel-specific offerings from debit cards into the credit cards space. What began with debit cards designed for international travellers is now extending into credit cards, providing more flexible and premium travel benefits for frequent travellers.
Rising popularity of premium credit cards in Korea
With credit cards facing tougher economic conditions, some companies are turning their attention to premium credit cards as a way to generate steady income from annual fees. In response, many credit card companies have been releasing and revamping premium cards in South Korea, particularly those with annual fees over KRW100,000, which fall into the premium credit cards segment.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in South Korea report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Credit Card Transactions in South Korea?
- What are the major trends key to understanding Credit Card Transactions in South Korea?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Credit Cards in South Korea - Category analysis
Credit Cards in South Korea - Company Profile
KEY DATA FINDINGS
Credit card companies in Korea reduce interest-free instalment services amidst economic pressures
Significant increase in overseas credit card spending
Hyundai remains the sole provider of Apple Pay in Korea
The evolving landscape of the PLCC segment in Korea
Expansion of travel-specific cards from debit to credit as the competition intensifies
Rising popularity of premium credit cards in Korea
Debit Cards in South Korea - Category analysis
Debit Cards in South Korea - Company Profile
KEY DATA FINDINGS
Debit cards in circulation decline, while usage increases
Significant growth for Hyundai and Hana in debit cards in 2023
NongHyup remains a key player in debit cards
Teen-specific cards: Meeting the needs of Generation Z and Generation Alpha
Shinhan Bank launches debit cards specifically for foreigners resident in Korea
Intensifying competition in travel-specific debit cards
Pre-Paid Cards in South Korea - Category analysis
Pre-Paid Cards in South Korea - Company Profile
KEY DATA FINDINGS
Growing spending on pre-paid cards in Korea
The growing popularity of teenage-specific pre-paid cards in Korea
Various gift cards gaining popularity in closed loop pre-paid cards
WOW PASS: A pre-paid card for inbound tourists in Korea
Climate Card: Seoul’s new initiative for sustainable public transportation
Different players are entering pre-paid cards in Korea
Store Cards in South Korea - Category analysis
Store Cards in South Korea - Company Profile
KEY DATA FINDINGS
Growth in store cards driven by offering top benefits to cardholders
Hyundai Department Store dominates as its benefits promote loyalty
Hyundai aims to capture attention of younger generations
Store cards will still have a role to play in South Korea
Credit card companies in Korea focus on PLCC collaborations instead of launching new store cards
Samsung Card partners with Shinsegae department store in its latest PLCC collaboration
Financial Cards and Payments in South Korea - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Financial cards targeted towards teens continue to be launched
Competitive landscape
What next for financial cards and payments?
DISCLAIMER
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
-
- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Credit Card Transactions research and analysis database.
NEW REPORT GUARANTEE
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!