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Payment methods in South Korea

Here are the top takeaways you need to know about the South Korean e-commerce market:

– In 2022, South Koreans spent US$102 billion buying goods and services online, growing to US$121 billion by 2027.
– One type of digital payment method, e-wallets, is used in a quarter of all online purchases. Popular e-wallets in South Korea include Naver Pay and PayCo.
– Four percent of all South Koreans’ online purchases, worth almost US$5 billion, come from merchants in other countries.
– Koreans complete 65% of all online transactions using a mobile device, a figure that has stayed the same since 2020.
– On average, South Koreans spend US$2,093 every year with online merchants, rising to US$2,357 by 2027.

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Population
Online Population
B2C E-commerce
Banked Population
Credit Card Population
E-commerce of Total Retail

Payment Method Breakdown

  • Card 64%
  • Cash 1%
  • Bank Transfer 6%
  • E-Wallet 25%
  • Other 4% 
[{"label":"Card","value":"64"},{"label":"Cash","value":"1"},{"label":"Bank Transfer","value":"6"},{"label":"E-Wallet","value":"25"},{"label":"Other","value":"4"}]

Card Scheme Breakdown

  • Visa 40%
  • Mastercard 26%
  • American Express 5%
  • Local schemes 8%
  • Other 21% 
[{"label":"Visa","value":"40"},{"label":"Mastercard","value":"26"},{"label":"American Express","value":"5"},{"label":"Local schemes","value":"8"},{"label":"Other","value":"21"}]

Cross-Border E-Commerce

N/A

Online shoppers who have shopped cross-border

4

Cross-border proportion of total e-commerce

4.5 bn $US

Value of cross-border e-commerce

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Top cross-border shopping origin markets