Market Size of South Korea Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.48 Billion |
| Market Size (2029) | USD 7.38 Billion |
| CAGR (2024 - 2029) | 37.91 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Real Time Payments Market Analysis
The South Korea Real Time Payments Market size is estimated at USD 1.48 billion in 2024, and is expected to reach USD 7.38 billion by 2029, growing at a CAGR of 37.91% during the forecast period (2024-2029).
The primary factors which are driving the market's growth are the increased internet and smartphone penetration, growing e-commerce transactions, and government initiatives, among others.
- The increasing ubiquity of smart devices and growing online retail commerce drive the adoption of real-time payments. In addition, rapid technological changes such as the rollout of 5G and increased smartphone penetration across South Korea encourage real-time payments.
- According to the ACI worldwide report, real-time payment transactions are expected to grow to 11.3 billion in 2026 in South Korea due to digitalization in banking and financial institutions. The spread of e-commerce payment transactions and the introduction of Internet banking in the past few decades are accelerating the movement toward a further diversification of the range of electronic payment and settlement systems in the region.
- The rapid growth of digital wallets and the expansion of digital payment services by key vendors across South Korea the declining popularity of paper-based transactions in the country as accelerated a move towards real-time payments in the region.
- However, amid rapid growth in cyber crimes in recent years, the level of insecurity regarding payment frauds has increased, which is anticipated to remain among the major factor challenging the studied market's growth in South Korea during the forecast period.
- Moreover, the COVID-19 pandemic accelerated major shifts in the payment behavior of South Korean users by declining the usage of paper-based payments, switching from in-store to online payment methods, and adopting instant or real-time payments. These major shifts towards real-time payments created new opportunities for major real-time players in South Korea.
