All countries
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.
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
Top cross-border shopping origin markets