South Korea Mobile Payment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

E-Payment Market in South Korea is Segmented by Type (Proximity, Remote). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

South Korea Mobile Payment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

South Korea Mobile Payment Market Size

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South Korea Mobile Payment Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 44.38 Billion
Market Size (2030) USD 68.70 Billion
CAGR (2025 - 2030) 9.13 %
Market Concentration Medium

Major Players

South Korea Mobile Payment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of South Korea Mobile Payment Market with other markets in Technology, Media and Telecom Industry

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South Korea Mobile Payment Market Analysis

The South Korea Mobile Payment Market size is estimated at USD 44.38 billion in 2025, and is expected to reach USD 68.70 billion by 2030, at a CAGR of 9.13% during the forecast period (2025-2030).

The South Korean mobile payments market is driven by the expanding e-commerce market, increasing emphasis on QR code-based mobile payments, coupled with businesses nationwide making their payment methods mobile-friendly. In addition, the presence of major market vendors coupled with the growing penetration of foreign market vendors in the country results in market growth.

  • South Korea has seen a surge in the adoption of mobile payment systems in the past few years, with many consumers opting for contactless payment options over traditional credit cards. Further, market vendors are focusing on providing a fast, secure, and convenient way to pay for goods and services, thus accelerating the growth of digital payments in the country, and could help market vendors to gain significant traction in the rapidly-evolving digital payment space.
  • People are used to shopping online, and the economy is performing well. Its economy has proved remarkably resilient during the most challenging of times. Further, The IMF predicted that GDP would likely expand at a rate of 2.5% in 2022, rising to 2.9% in 2023. The average South Korean earns USD 32,390 yearly, just USD 1,807 less than the average EU citizen.
  • The country's e-commerce market is another factor driving its growth, with consumers adopting mobile payment services from various market vendors to make their purchases. According to an article published in ppro.com, in May 2022, E-commerce accounts for 8% of all retail sales in South Korea, while 65% of all online purchases are completed on a mobile device.
  • Further, the booming e-commerce and smartphone penetration attracting various global mobile payment vendors to launch their services in the country, thus positively impacting the market growth. For instance, in February 2023, British fintech firm PPRO launched its international digital payments infrastructure in South Korea. The fintech has incorporated its service with South Korean local cards and e-wallets Toss Pay. Toss Pay, the company's e-wallet solution makes purchasing using a card or an account linked to the Toss app easier.
  • The COVID-19 pandemic further accelerated the expanded digital payments landscape in the country, thus positively impacting market growth. During the outbreak, consumers increasingly opted for contactless payments via mobile wallets or e-wallets due to fear of getting exposed to the COVID-19 virus through cash handling. Many retailers, restaurants, and public transport networks started accepting mobile payments.

South Korea Mobile Payment Industry Overview

The South Korea Mobile Payment market is highly competitive and has several major players. In terms of market share, few of the major players currently dominate the market. However, with the extensive adoption of online E-commerce platforms for retail shopping and increasing adoption of contact-less transactions, many companies are increasing their market presence by securing new contracts and tapping new markets.

  • March 2023 - In South Korea, Samsung, and Naver Financial introduced an integrated mobile payments solution that allows Naver Pay users to use their smartphones to make in-person purchases at shops that accept Samsung Pay and Samsung Pay users to make online purchases at merchants that accept Naver Pay.
  • March 2023 - In a bid to expand its digital payment services, Apple launched Apple Pay in South Korea. With the launch of Apple Pay in the country, the company is looking to tap into the growing popularity of digital payments in the country.

South Korea Mobile Payment Market Leaders

  1. Kakao Pay

  2. Naver Corporation ( Naver Pay)

  3. Samsung Electronics (Samsung Pay)

  4. Toss

  5. PayCo

  6. *Disclaimer: Major Players sorted in no particular order
South Korea Mobile Payment Market Concentration
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South Korea Mobile Payment Market News

  • Frebruary 2024 - TWQR mobile payment service launched in South Korea. The mobile payment service, available at 35,000 merchants in the East Asian country, is a collaboration between the two Taiwanese organizations and the South Korean financial services company BC Card Co, per the statement.
  • April 2023 - The online payment service of South Korean messaging and internet giant Kakao, declared that it has acquired a stake in Siebert Financial, a brokerage firm based in New York. Kakao spent USD 17 million on this transaction, and the company now owns a 19.9% stake in Siebert.

South Korea Mobile Payment Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Market Sizing and Estimates of South Korea Mobile Payments Market
  • 4.3 Industry Attractiveness-Porter's Five Forces Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Assessment of COVID-19 Impact on the market

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Increasing Adoption of Mobile Devices
    • 5.1.2 The Growing Demand and Inclination Towards E-commerce and Online Shopping
  • 5.2 Market Restraints
    • 5.2.1 Growing Cyber Threats in the region
  • 5.3 Key Regulations and Standards in the Mobile Payments Industry
  • 5.4 Analysis of Business Models in the Industry
  • 5.5 Analysis of the Increasing Market Penetration of Mobile Wallets in the region
  • 5.6 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
  • 5.7 Commentary on the growth of Mobile Commerce and its influence on the Market

6. MARKET SEGMENTATION

  • 6.1 Type
    • 6.1.1 Proximity
    • 6.1.2 Remote

7. COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 Kakao Coporation (Kakao Pay)
    • 7.1.2 Naver Corporation (Naver Pay)
    • 7.1.3 Samsung Electronics (Samsung Pay)
    • 7.1.4 Toss
    • 7.1.5 PayCo
    • 7.1.6 Smile Pay
    • 7.1.7 Coupang (Rocket Pay)
    • 7.1.8 SSG.com Corp. (SSG Pay)
    • 7.1.9 SK Group (SK Pay)
    • 7.1.10 L Pay
    • 7.1.11 ZeroPay Pvt. Ltd. (Zero Pay)
  • *List Not Exhaustive

8. INVESTMENT ANALYSIS

9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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South Korea Mobile Payment Industry Segmentation

Mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks mobile payment applications based on transaction type, which is Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting South Korea's mobile payments market estimates and growth rates throughout the study period. The study examines COVID-19's overall influence on the South Korean payment ecosystem.

South Korea mobile payment market is segmented by type (proximity, remote).The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

Type Proximity
Remote
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South Korea Mobile Payment Market Research FAQs

How big is the South Korea Mobile Payment Market?

The South Korea Mobile Payment Market size is expected to reach USD 44.38 billion in 2025 and grow at a CAGR of 9.13% to reach USD 68.70 billion by 2030.

What is the current South Korea Mobile Payment Market size?

In 2025, the South Korea Mobile Payment Market size is expected to reach USD 44.38 billion.

Who are the key players in South Korea Mobile Payment Market?

Kakao Pay, Naver Corporation ( Naver Pay), Samsung Electronics (Samsung Pay), Toss and PayCo are the major companies operating in the South Korea Mobile Payment Market.

What years does this South Korea Mobile Payment Market cover, and what was the market size in 2024?

In 2024, the South Korea Mobile Payment Market size was estimated at USD 40.33 billion. The report covers the South Korea Mobile Payment Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South Korea Mobile Payment Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

South Korea Mobile Payment Industry Report

Statistics for the 2025 South Korea Mobile Payment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Mobile Payment analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.