Korean local cards
Locally issued cards are well-known and trusted as a payment method in South Korea. Consumers can choose to pay for e-commerce purchases with their choice of a local card connected to their bank account or credit card using a familiar QR code. Supported issuing banks include the top 10 Korean banks: corporate BC, Kwangju Bank, Lotte Card, KDB Industrial Bank, BC Card, Samsung Card, Saemaul Geumgo, Shinhan Card, credit union, Citi Card, Woori, Postal Deposit Insurance, Korea Savings Bank Federation, Jeonbuk Bank, Jeju Bank, Kakao Bank, K bank, Toss Bank, Hana Card, Hyundai Card, KB Kookmin Card, NH Nonghyup Card, Sh Suhyup Bank.
Why Korean local cards
- In 2021 debit card transaction value increased to 212 trillion South Korean won (EUR 153 billion) an increase of 14 trillion on 2020 (Statista).
- 28% of Korean cards in circulation are local cards not associated or co-branded with global card schemes (PPRO Almanac).
- At around 6.3 cards per adult at the end of 2021, the country has one of the world’s highest card penetration rates (Argus Advisory).
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