South Korea: mobile payment market share by provider type 2020

In 2020, electronic financial business entities accounted for around 45.7 percent of the mobile easy payment market in South Korea, followed by financial companies with a market share of around 30.5 percent. The share of fintech companies such as Naver Pay and Kakao Pay in the South Korean mobile payment market has increased significantly in recent years, while the market share of banks and card companies has steadily declined.

Market share of mobile easy payment providers in South Korea from 2016 to 2020, by type of provider

Characteristic	Electronic financial business entities*	Financial companies**	Other***
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Release date

May 2021

More information

Region

South Korea

Survey time period

2016 to 2020

Special properties

based on average daily value of mobile payment transactions

Supplementary notes

*27 mobile payment providers such as Kakao Pay and Naver Financial.

**15 banks and card companies.

***Two mobile phone manufacturers including Samsung.

Mobile easy payment refers to a payment method carried out via mobile devices on which the credit or debit card data is stored. Users register their cards with the mobile payment service provider, which enables them to make online and offline payments using just a passcode or fingerprint scan, bypassing the authentication process previously required.

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