South Korea Mobile Payment Market Size, Share, Industry Trends, Growth Factors and Forecast 2025-2033

IMARC Group has recently released a new research study titled “South Korea Mobile Payment Market Report by Payment Type (Proximity Payment, Remote Payment), Application (Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and Others), and Region 2025-2033”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
South Korea Mobile Payment Market Overview
South Korea mobile payment market size reached USD 50.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 191.1 Billion by 2033, exhibiting a growth rate (CAGR) of 14.2% during 2025-2033.
Market Size and Growth
Base Year: 2024
Forecast Years: 2025-2033
Historical Years: 2019-2024
Market size in 2024: USD 50.6 Billion
Market Outlook for 2033: USD 191.1 Billion
Market Growth Rate (2025-2033): 14.2%
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Key Market Highlights:
✔️ Strong growth driven by widespread smartphone adoption and internet connectivity
✔️ Rising demand for seamless and secure payment solutions among consumers
✔️ Increasing integration of mobile payments with e-commerce and retail platforms
South Korea Mobile Payment Market Trends and Drivers
The South Korea mobile payment market is undergoing a significant transformation, driven by technological advancements and changing consumer behaviors. With the increasing penetration of smartphones and high-speed internet, consumers are increasingly adopting mobile payment solutions for their everyday transactions. This shift is particularly evident in urban areas, where convenience and speed are paramount. As a result, the South Korea mobile payment market size is expected to expand considerably, reflecting the growing reliance on digital payment methods over traditional cash transactions.
Market Size and Growth Projections
In recent years, the South Korea mobile payment market size has shown remarkable growth, spurred by the rise of various mobile payment platforms and applications. The popularity of services such as Samsung Pay, KakaoPay, and Naver Pay has significantly contributed to this expansion. By 2025, the market is projected to continue its upward trend, driven by the increasing acceptance of mobile payments among merchants and consumers alike. Additionally, the COVID-19 pandemic has accelerated the shift towards contactless payments, further propelling the adoption of mobile payment solutions as consumers seek safer and more hygienic transaction methods.
Market Share Dynamics
The South Korea mobile payment market share is characterized by a competitive landscape, with several key players vying for dominance. Major technology companies and financial institutions are investing heavily in enhancing their mobile payment offerings, focusing on user experience and security features. By 2025, competition is expected to intensify as new entrants emerge, offering innovative solutions that cater to the evolving needs of consumers. This dynamic environment encourages existing players to continuously improve their services, leading to a diverse array of mobile payment options available to users.
Focus on Security and Innovation
As the South Korea mobile payment market forecast evolves, security remains a top priority for consumers and service providers. With increasing concerns about data breaches and fraud, mobile payment platforms are implementing advanced security measures, such as biometric authentication and encryption technologies. By 2025, the South Korea mobile payment market growth will likely be driven by these innovations, as consumers seek reliable and secure payment options. Furthermore, the integration of emerging technologies, such as blockchain and artificial intelligence, is expected to enhance the overall efficiency and security of mobile payment transactions.
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South Korea Mobile Payment Market Segmentation:
The market report segments the market based on product type, distribution channel, and region:
Breakup by Payment Type:
- Proximity Payment
- Near Field Communication (NFC)
- Quick Response (QR) Code
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Breakup by Region:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The market research report offers an in-depth analysis of the competitive landscape, covering market structure, key player positioning, top winning strategies, a competitive dashboard, and a company evaluation quadrant. Additionally, detailed profiles of all major companies are included.
Key Highlights of the Report
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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