Number of issued credit cards South Korea 2005-2022

In 2022, around 124 million credit cards were issued in South Korea, up from around 118 million in the previous year. The number of credit cards issued exceeded the 100 million mark in 2002, when the government strongly promoted the use of credit cards through deregulation. However, this was followed by a debt crisis, which resulted in a significant drop in new credit card issuance. Another sharp decline in 2014 was attributable to a massive data leak that affected more than 100 million credit card accounts held by three major South Korean card companies.

Credit card companies in South Korea

South Korea had a total of eight credit card companies in 2021, including Woori Card, KB Kookmin Card, Lotte Card, BC Card, Samsung Card, Shinhan Card, KEB Hana Card, and Hyundai Card. Shinhan Card was the leading card issuer, accounting for nearly 22 percent of the credit card market that year. Samsung Card, KB Kookmin Card, and Hyundai Card also ranked among the largest credit card companies in South Korea.

Moving towards a cashless society

Credit cards are the most preferred payment method among South Koreans. According to a survey, almost 60 percent of respondents stated that they preferred credit cards. This was followed by cash with an answer score of only about 22 percent. Alongside the growing cashless trend, the use of mobile payments has also increased significantly in recent years. The outbreak of the COVID-19 pandemic also contributed to the subsequent introduction of various digital payment methods. Among multiple service providers, Naver Pay and Kakao Pay were among the most widely used mobile payment services in South Korea.