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Shifting card usage reflects weaker purchasing power
The number of financial cards and payments in circulation witnessed consistent growth in 2025. Debit card use has come under threat from BNPL services, with young adults choosing this option to fuel spending behaviour as disposable income is restricted to essentials.
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Overview:
Understand the latest market trends and future growth opportunities for the Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments 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 Financial Cards and Payments in South Korea?
- What are the major trends key to understanding Financial Cards and Payments 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?
Financial Cards and Payments in South Korea - Industry Overview
Shifting card usage reflects weaker purchasing power
KEY DATA FINDINGS
BNPL suppresses debit card usage
Credit card issuance has been negatively impacted
Policy initiatives boost pre-paid card use
Credit cards to remain in strong demand
Generation Alpha is a high priority to ensure longevity
Stablecoin currency is under development by fintech players
Hyundai Card Co takes lead in credit cards
KB Kookmin Card Co Ltd invests in personal and commercial cards
T-Money leverages Apple pay wallet payment service
Table 1 Number of POS Terminals: Units 2020-2025
Table 2 Number of ATMs: Units 2020-2025
Table 3 Value Lost to Fraud 2020-2025
Table 4 Card Expenditure by Location 2025
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2020-2025
Table 6 Domestic versus Foreign Spend 2025
Table 7 Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 8 Financial Cards by Category: Number of Accounts 2020-2025
Table 9 Financial Cards Transactions by Category: Value 2020-2025
Table 10 Financial Cards by Category: Number of Transactions 2020-2025
Table 11 Consumer Payments by Category: Value 2020-2025
Table 12 Consumer Payments by Category: Number of Transactions 2020-2025
Table 13 M-Commerce by Category: Value 2020-2025
Table 14 M-Commerce by Category: % Value Growth 2020-2025
Table 15 Financial Cards: Number of Cards by Issuer 2020-2024
Table 16 Financial Cards: Number of Cards by Operator 2020-2024
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2020-2024
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2020-2024
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2025-2030
Table 20 Forecast Financial Cards by Category: Number of Accounts 2025-2030
Table 21 Forecast Financial Cards Transactions by Category: Value 2025-2030
Table 22 Forecast Financial Cards by Category: Number of Transactions 2025-2030
Table 23 Forecast Consumer Payments by Category: Value 2025-2030
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2025-2030
Table 25 Forecast M-Commerce by Category: Value 2025-2030
Table 26 Forecast M-Commerce by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
Summary 1 Research Sources
Credit Cards in South Korea - Category analysis
KEY DATA FINDINGS
Credit card revenues under pressure amid economic and policy changes
Credit card companies discontinue cards offering added benefits as revenues come under pressure
Slow growth in credit card transactions reflects low purchasing power amid economic uncertainty
Hyundai Card Co moves into leading position
Steady growth as credit cards remain key form of payment
Lower credit card fees will reduce potential revenues
Credit cards rolled out to individual business owners
Players focus on the commercial segment
Hyundai Card Co delivers added services to attract corporates
Table 27 Credit Cards: Number of Cards in Circulation 2020-2025
Table 28 Credit Cards Transactions 2020-2025
Table 29 Credit Cards in Circulation: % Growth 2020-2025
Table 30 Credit Cards Transactions: % Growth 2020-2025
Table 31 Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 32 Commercial Credit Cards Transactions 2020-2025
Table 33 Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 34 Commercial Credit Cards Transactions: % Growth 2020-2025
Table 35 Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 36 Personal Credit Cards Transactions 2020-2025
Table 37 Personal Credit Cards in Circulation: % Growth 2020-2025
Table 38 Personal Credit Cards Transactions: % Growth 2020-2025
Table 39 Credit Cards: Number of Cards by Issuer 2020-2024
Table 40 Credit Cards: Number of Cards by Operator 2020-2024
Table 41 Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 42 Credit Cards Payment Transaction Value by Operator 2020-2024
Table 43 Commercial Credit Cards: Number of Cards by Issuer 2020-2024
Table 44 Commercial Credit Cards: Number of Cards by Operator 2020-2024
Table 45 Commercial Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 46 Commercial Credit Cards Payment Transaction Value by Operator 2020-2024
Table 47 Personal Credit Cards: Number of Cards by Issuer 2020-2024
Table 48 Personal Credit Cards: Number of Cards by Operator 2020-2024
Table 49 Personal Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 50 Personal Credit Cards Payment Transaction Value by Operator 2020-2024
Table 51 Forecast Credit Cards: Number of Cards in Circulation 2025-2030
Table 52 Forecast Credit Cards Transactions 2025-2030
Table 53 Forecast Credit Cards in Circulation: % Growth 2025-2030
Table 54 Forecast Credit Cards Transactions: % Growth 2025-2030
Table 55 Forecast Commercial Credit Cards: Number of Cards in Circulation 2025-2030
Table 56 Forecast Commercial Credit Cards Transactions 2025-2030
Table 57 Forecast Commercial Credit Cards in Circulation: % Growth 2025-2030
Table 58 Forecast Commercial Credit Cards Transactions: % Growth 2025-2030
Table 59 Forecast Personal Credit Cards: Number of Cards in Circulation 2025-2030
Table 60 Forecast Personal Credit Cards Transactions 2025-2030
Table 61 Forecast Personal Credit Cards in Circulation: % Growth 2025-2030
Table 62 Forecast Personal Credit Cards Transactions: % Growth 2025-2030
Debit Cards in South Korea - Category analysis
KEY DATA FINDINGS
Debit cards come under pressure from BNPL
BNPL stifles debit card use among young adults
Debit card transactions witness solid increase in 2025
Growth in foreign transaction values supported by travel debit cards
Youth demographic is key target audience for debit card players
Card industry prepares to introduce stablecoins with debit card functionality
Legally authorised guardians can now obtain debit cards to support those with impaired judgement
NongHyup Bank leads with widespread branches
BC Card diversifies its business to add new revenue streams
Hyundai Card Co and KEB Hana Card Co achieve share gains in 2024
Table 63 Debit Cards: Number of Cards in Circulation 2020-2025
Table 64 Debit Cards Transactions 2020-2025
Table 65 Debit Cards in Circulation: % Growth 2020-2025
Table 66 Debit Cards Transactions: % Growth 2020-2025
Table 67 Debit Cards: Number of Cards by Issuer 2020-2024
Table 68 Debit Cards: Number of Cards by Operator 2020-2024
Table 69 Debit Cards Payment Transaction Value by Issuer 2020-2024
Table 70 Debit Cards Payment Transaction Value by Operator 2020-2024
Table 71 Forecast Debit Cards: Number of Cards in Circulation 2025-2030
Table 72 Forecast Debit Cards Transactions 2025-2030
Table 73 Forecast Debit Cards in Circulation: % Growth 2025-2030
Table 74 Forecast Debit Cards Transactions: % Growth 2025-2030
Pre-Paid Cards in South Korea - Category analysis
KEY DATA FINDINGS
Consistent performance for pre-paid cards
Consistent use of pre-paid cards fuelled by transportation products
Steady increase in T-Money transit card usage
Wider usage supports growth in pre-paid card transactions
New pre-paid financial cards emerge for teenagers
Pre-paid transport cards face competition from post-paid travel cards offering unlimited travel
Danal is first domestic company to directly launch a pre-paid card that supports stablecoin payments
Tmoney Co Ltd enjoys dominant position in closed looped pre-paid cards
Shinhan Card Co Ltd loses ground
Table 75 Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 76 Pre-paid Cards Transactions 2020-2025
Table 77 Pre-paid Cards in Circulation: % Growth 2020-2025
Table 78 Pre-paid Cards Transactions: % Growth 2020-2025
Table 79 Closed Loop Pre-paid Cards Transactions 2020-2025
Table 80 Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 81 Open Loop Pre-paid Cards Transactions 2020-2025
Table 82 Open Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 83 Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 84 Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 85 Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 86 Pre-paid Cards Transaction Value by Operator 2020-2024
Table 87 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 88 Closed Loop Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 89 Closed Loop Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 90 Closed Loop Pre-paid Cards Transaction Value by Operator 2020-2024
Table 91 Open Loop Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 92 Open Loop Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 93 Open Loop Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 94 Open Loop Pre-paid Cards Transaction Value by Operator 2020-2024
Table 95 Forecast Pre-paid Cards: Number of Cards in Circulation 2025-2030
Table 96 Forecast Pre-paid Cards Transactions 2025-2030
Table 97 Forecast Pre-paid Cards in Circulation: % Growth 2025-2030
Table 98 Forecast Pre-paid Cards Transactions: % Growth 2025-2030
Table 99 Forecast Closed Loop Pre-paid Cards Transactions 2025-2030
Table 100 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2025-2030
Table 101 Forecast Open Loop Pre-paid Cards Transactions 2025-2030
Table 102 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2025-2030
Store Cards in South Korea - Category analysis
KEY DATA FINDINGS
Store cards are limited in competitive financial cards marketplace
Sluggish performance for store cards
Galleria Platinum Woori Card added to store card portfolio
Department and convenience stores required to register as Electronic Payment Gateway (PG)
Future growth potential for private label cards
Outbound tourism to boost air miles benefits
Joint card promotional events used to target wider audience
Hyundai Department Store Card Loewe Edition is launched
Table 103 Store Cards: Number of Cards in Circulation 2020-2025
Table 104 Store Cards Transactions 2020-2025
Table 105 Store Cards in Circulation: % Growth 2020-2025
Table 106 Store Cards Transactions: % Growth 2020-2025
Table 107 Store Cards: Number of Cards by Issuer 2020-2024
Table 108 Store Cards: Payment Transaction Value by Issuer 2020-2024
Table 109 Forecast Store Cards: Number of Cards in Circulation 2025-2030
Table 110 Forecast Store Cards Transactions 2025-2030
Table 111 Forecast Store Cards in Circulation: % Growth 2025-2030
Table 112 Forecast Store Cards Transactions: % Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
The following categories and subcategories are included:
Financial Cards and Payments
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- ATM Cards
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- Commercial Charge Cards
- Personal Charge Cards
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- Commercial Credit Cards
- Personal Credit Cards
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- Commercial Debit Cards
- Personal Debit Cards
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- Closed Loop Pre-Paid Cards
- Open Loop Pre-Paid Cards
- Store Cards
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- ATM Transactions
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- Commercial Charge Card Transactions
- Personal Charge Card Transactions
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- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
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- Commercial Debit Card Transactions
- Personal Debit Card Transactions
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- Closed Loop Pre-Paid Card Transactions
- Open Loop Pre-Paid Card Transactions
- Store Card Transactions
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- Commercial Card Payment Transactions
- Commercial Electronic Direct/ACH Transactions
- Commercial Paper Payment Transactions
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- Personal Card Payment Transactions
- Personal Electronic Direct/ACH Transactions
- Personal Paper Payment Transactions
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- Commercial Electronic Direct/ACH Transactions
- Personal Electronic Direct/ACH Transactions
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- Commercial Cash Transactions
- Commercial Other Paper Transactions
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- Personal Cash Transactions
- Personal Other Paper Transactions
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- Mobile Proximity Payments
- Mobile Remote Payments
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Financial Cards and Payments
Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitions
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This report originates from Passport, our Financial Cards and Payments research and analysis database.
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