From its Oscar-winning films, stadium-filling boybands, right through to the emerging popularity of kimchi, South Korea has its spotlight. But ask anyone in the know, and they’ll tell you that the region has been a hub for culture, technology, manufacturing, and yes, kimchi, for a very long time.
South Korea is one of the world’s largest ecommerce markets with retail ecommerce volume set to grow to US$90.5 billion by 2024, up from US$41.9 billion in 2017. As the home of some of the world’s largest digital goods companies, digital services consumption is high. Card penetration in South Korea equates to a massive 6.7 cards per person, making up 70% of all payments. Most are locally issued single-branded and dual-branded with international schemes like Visa and MasterCard. Besides cards, both online banking and ewallets are popular for ecommerce, with KakaoPay one such method.
South Korean won
Popular payment methods
Want to see how people pay in other countries?
Browse and filter 100+ payment methods on region, channel, and more.