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Mobile Payments in South Korea: Succeeding in a Diversified Market

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31 January 2013
KyongSun Kong

Abstract

South Korea’s mobile payments market has generated a high level of interest for many years but has consistently failed to reach critical mass among consumers. However, in 2012, the entry of banks and department stores injected new life into the market.

The report Mobile Payments in South Korea: Succeeding in a Diversified Market offers an analysis of the current state of South Korea’s mobile payments market and its prospects for the future. The report provides a breakdown of the mobile payments market and looks at card-issuing data as well as total payment volumes.

The report examines the Hana SK Card, which is leading the mobile credit card segment, recording a 661.7% compound annual growth rate (CAGR) in payments from 2010 to 2012, with a CAGR of 569.5% forecast for the period 2010 to 2013.

“Major changes are under way for South Korea’s mobile payments market,” says KyongSun Kong, an analyst with Celent's Asian Financial Services Group and author of the report. “When these changes come to pass, we will see a shift in the competitive landscape.”

This report examines the range of conditions required to maintain growth in the South Korean mobile payments market and provides suggestions for firms considering adopting mobile payments services.

This 35-page report contains seven figures and two tables.

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