IMARC Group's report titled "South Korea Payments Market Report by Mode of Payment (Point of Sale, Online Sale), End Use Industry (Retail, Entertainment, Healthcare, Hospitality, and Others), and Region 2024-2032". South Korea payments market size is projected to exhibit a growth rate (CAGR) of 7.2% during 2024-2032.
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The South Korea payments market is primarily driven by shifting preferences from offline payments to digital payment solutions. The escalating demand for electronic and digital payment methods, as they provide enhanced convenience and speed in conducting financial transactions and reduce the need for cash, is positively impacting the market. Moreover, the widespread use of smartphones and increasing internet penetration are also contributing to the expansion of the South Korea payments market. Additionally, the emerging preference for contactless payments to maintain hygiene among the masses is supporting market growth.
Apart from this, the South Korea payments market is further propelled by the escalating demand for efficient and secure cross-border payment solutions among tourists and travelers. Moreover, the integration of innovative payment technologies such as NFC (near-field communication) and QR code payments with online payment gateways to make payments more secure and fast is positively impacting market growth. Besides this, the government authorities of South Korea are supporting fintech innovations and initiatives to escalate the adoption of cashless transactions. This, in turn, is offering significant growth opportunities to the market. Furthermore, the bolstering utilization of biometric authentication methods like fingerprint and facial recognition to enhance payment security is anticipated to propel the growth of the South Korea payments market in the coming years.
South Korea Payments Market Report Segmentation:
Mode of Payment Insights:
- Point of Sale
- Card Payments
- Digital Wallet
- Cash
- Others
- Online Sale
- Card Payments
- Digital Wallet
- Others
End Use Industry Insights:
- Retail
- Entertainment
- Healthcare
- Hospitality
- Others
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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