Market Share of South Korea Real Time Payments Industry
The South Korea Real Time Payments Market is semi-consolidated. With consumer preferences changing rapidly towards faster payments, the real-time payments market has become a lucrative option and, thus, has attracted a huge amount of investments. The major market players offer convenient payment solutions and rapidly indulge in merger and acquisition activities to increase the consumer base and product offerings.
- In March 2023, the Financial Regulator of South Korea approved the launch of Apple Pay in the country and allowed local credit card firms to launch Apple Pay Service. The financial authority expects the launch of Apple Pay to promote the NFC payment service in South Korea.
- In February 2023, Samsung and Naver formed entered into a strategic partnership to maintain the market leadership in South Korea in mobile payments, as Apple is expected to launch Apple Pay in the coming months. Several card companies like KB Kookmin, Shinhan, Hana, Lotte, NH NongHyup, and Woori have agreed to form a common 'open pay' service.
South Korea Real Time Payments Market Leaders
KakaoPay (Kakao Corp.)
Naver-Pay (Naver Corporation)
Toss (Viva Republica Inc.)
VISA Inc.
Mastercard Inc.
*Disclaimer: Major Players sorted in no particular order
