The rise of KakaoPay
The compulsory requirement of a public certificate key for online transactions was removed in 2015. Since then, various companies jumped into the fintech sector by offering easier methods to authenticate online payments. Among such companies, KakaoPay emerged as a major player in the market, with millions of users. The ease of using the payment platform was one of the main reasons for using KakaoPay.
The continuous online shopping spree
With online payments made much less cumbersome, consumers in South Korea have utilized this simpler channel of commerce. The volume of online shopping drastically increased in overall scale in recent years. This trend did not show any signs of slowing down; rather there seemed to be room for even more growth in the future. Usage rates of online shopping showed that the younger generation of South Koreans had the highest ratio of online shoppers. It is unlikely that they would suddenly turn away from online transactions as they approach the older spectrum of the population pyramid. Additionally, future generations will be born into a society in which online payments are very much a social norm.