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According to a survey conducted in South Korea in 2024, **** was the most widely used mobile payment service in South Korea, at about ** percent. * and followed with around ** and ** percent, respectively.

Mobile payments in South Korea

The rising digital payment transaction values show that cashless payment is becoming increasingly widespread in South Korea. Having one of the highest smartphone penetration rates in the world, more and more South Koreans are using mobile payment methods. Users register their credit cards with the mobile payment service provider, which enables them to make payments using just a passcode or fingerprint scan, bypassing the authentication process previously required. All they need is a smartphone, whether online or offline.

Key mobile payment players

As the mobile payment industry grows rapidly, so does the competition. **** was the leading provider of mobile payments in South Korea in 2023. However, other providers such as *** and other credit card institutions are also expanding their services to meet the growing demand for cashless payments. Mobile payments have experienced a significant surge since the outbreak of the COVID-19 pandemic.