Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Smart Pay in South Korea

Smart Pay in South Korea

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
24 May 2016
KyongSun Kong

Abstract

South Korea’s payments market faced a turning point in 2015 with the emergence of smart pay, a simplified form of mobile payments made using smartphones.

In the report Smart Pay in South Korea, Celent reviews the status of the South Korean smart pay market and forecasts future trends. Conventional online payments have been complicated, requiring users to input a number of items. However, the advent of smart pay has made it possible for users to input their card information once and, thereafter, make payments merely by inputting their password.

Moreover, this payment function is not limited to online use; some versions are capable of being used to make payments offline. All indications are that smart pay will have a massive impact on the nation’s payments market.

More than 90% of survey respondents said they knew of smart pay; more than 50% had used it.

“At the moment, smart pay providers have their sights on specific demographics,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services practice and author of the report. “However, each smart pay firm is also looking to expand its customer base. If smart pay providers have not clearly articulated their purpose and carved out a market space, then they risk being swept away in the maelstrom.”

This 18-page report includes one table and five figures.

Client Access