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Top Mobile Payment Service Providers in South Korea 2020 and their Reaction to the COVID-19 Crisis

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Description

Countries Covered: South Korea

Pages: 44

Publication Date: 13/10/2020

Questions Covered in the report:

  • How did the COVID-19 pandemic affect the number of mobile transactions in South Korea?
  • What are the amounts of transactions completed via the top Payment Service Providers (PSPs) in South Korea during the COVID-19 crisis?
  • Which Payment Service Providers (PSPs) in South Korea received increased user registrations to their platforms during the health crisis?
  • What were the top mobile payment service providers in South Korea?
  • What was the mobile payment user penetration in South Korea before the COVID-19 pandemic?

Key Findings:

COVID-19 has accelerated the adoption of mobile payment methods in South Korea

Transactions made through mobile payment methods increased in South Korea during the COVID-19 pandemic

Mobile payments were particularly popular in South Korea even before the COVID-19 outbreak, accounting for a high penetration value in 2019. The practice of using mobile payment services was further boosted due to the nature of the nationwide COVID-19 lockdown. In an effort to combat the spread of COVID-19, consumers in South Korea turned to online shopping to supply their basic needs. According to a study cited by yStats.com, South Korea has seen a double-digit increase in transactions made via mobile payments in 2020 compared to 2019.

Top mobile PSPs in South Korea experience increased registrations during the health crisis

The top three mobile payment service providers in South Korea, in terms of the number of users are KakaoPay, Naver Pay, and Toss. These top players recently experienced a growing number of users on their platform. As reported by yStats.com, KakaoPay saw a significant increase in its users amidst the  COVID-19 crisis. Amidst the overwhelming growth of users and transactions, service provides have introduced innovations to aid small businesses adversely impacted by the health crisis.

Amidst the pandemic, new mobile payment gateways emerge in South Korea

Since the use of mobile payment is increasing in South Korea, further developments in the payments industry have gained momentum. During the pandemic, various mobile payment service providers are emerging as strong competitors such as Samsung Pay, Payco, and Coupang. Furthermore, a report cited by yStats.com stated that Samsung collaborated with MasterCard to launch Samsung Pay Card in an effort to provide its customers with an innovative service. Another important report mentions a partnership between Payco and Apple that will support mobile payments via Payco on iOS-powered devices.

1. Management Summary

2. Overview

  • COVID-19’s Impact on Mobile Payment Services, September 2020
  • Mobile Payment User Penetration, in % of Adults, by Age Group, 2019
  • Breakdown of Payment Methods Used in E-Commerce, in % of Adults, 2019
  • Breakdown of Reasons for Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Frequency of Using Mobile Payments, in % of Mobile Payment Users, 2019
  • Breakdown of Reasons for Not Using Mobile Payments, in % of Adults Not Using Mobile Payments, 2019
  • Top 5 Mobile Payment Services by Number of Users, in millions, December 2019
  • Share of Total Online Transactions Made Via KakaoPay, Toss and Payco, in %, in 2019
  • Value of Online Shopping Transactions, in KRW trillion, April 2020 – July 2020 Compared to The Same Period in 2019
  • Transaction Volume of Online Shopping Via Mobile Devices, in USD billion, March 2020

3. KakaoPay

  • Profile of KakaoPay, September 2020
  • COVID-19’s Impact on KakaoPay’s activity, September 2020
  • Value of Transactions Completed Via KakaoPay and Y-O-Y Growth, in USD billion and in %, May 2019 & May 2020
  • Preferred Payment Method for College Students, in %, November 2019

4. Naver Pay

  • Profile of Naver Pay, September 2020
  • COVID-19’s Impact on Naver Pay’s Activity, September 2020
  • Monthly Average Number of Individuals Using Naver Pay, in millions, May 2019 & May 2020
  • Preferred Payment Method for Office Workers, in %, November 2019

5. Toss

  • Profile of Toss, September 2020
  • COVID-19’s Impact on Toss Payment’s Activity, September 2020
  • Sales Generated Via Toss’s Platform, in USD million, 2016 & 2019
  • Individuals Registered With Toss, in % of Population, August 2020
  • Transactions Made Online in South Korea Via Toss, in % of Total Transactions, 2019
  • Kakao Corp.
  • Kakao Pay Corp.
  • NHN Payco Corp
  • Naver Corp.
  • Naver Pay Corp
  • Samsung Co. Ltd.
  • Toss
  • Viva Republica Co Ltd.

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