South Korea Digital Wallet Market Report and Forecast 2023-2028
Market Report I 2023-10-26 I 170 Pages I EMR Inc.
South Korea Digital Wallet Market Report and Forecast 2023-2028
Market Outlook
According to the report by Expert Market Research (EMR), the South Korea digital wallet market is projected to grow at a CAGR of 8.8% between 2023 and 2028. Aided by the rising demand for cashless transactions and the increasing usage of digital wallets across various sectors, the market is expected to grow significantly by 2028.
A digital wallet is a form of electronic device or online service that allows an individual to make electronic transactions. It can be used in conjunction with mobile payment systems, enabling users to pay for purchases with their smartphones. Apart from monetary transactions, digital wallets can also store other types of personal information, such as the user's driver's license, health card, and loyalty card details. This multifunctionality enhances user convenience, contributing significantly to the digital wallet's popularity.
The South Korea digital wallet market growth is largely driven by the increasing consumer preference for cashless transactions. As the country's digital infrastructure improves, consumers are increasingly opting for the convenience and speed of digital transactions. This shift towards digital payments is further bolstered by the widespread adoption of smartphones and the development of advanced mobile networks like 5G.
Moreover, the increasing use of digital wallets across various industries is also fuelling the South Korea digital wallet market expansion. In the retail industry, businesses are embracing digital wallets to streamline transactions and enhance customer experience. The travel and tourism sector, too, is leveraging digital wallets to provide seamless booking and payment services. Furthermore, the burgeoning fintech industry in South Korea is contributing to the South Korea digital wallet market growth by offering innovative solutions that cater to changing consumer preferences.
The South Korean government's supportive policies towards digital innovation have further boosted the digital wallet market. Measures aimed at fostering a cashless society, such as the establishment of regulatory sandboxes for fintech firms, have created a favourable environment for the market to flourish. In addition, ongoing technological advancements in security solutions are expected to mitigate risks, propelling the South Korea digital wallet market development.
Market Segmentation
The market can be divided based on mode of payment, device, end use, and industry vertical.
Market Breakup by Mode of Payment
- Proximity
- Remote Payment
Market Breakup by Device
- PC/Laptops
- Smartphones
Market Breakup by End Use
- Personal
- Corporate
Market Breakup by Industry Vertical
- Banking Financial Services and Insurance
- Retail
- Media and Entertainment
- Education
- Gaming
- IT and Telecommunications
- Aerospace
- Automotive
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea digital wallet companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Kakao Corporation
- Naver Financial Co., Ltd
- Samsung Electronics Co. Ltd
- TosPayments Co., Ltd
- NHN Payco Co., Ltd.
- Coupang, Inc.
- PayPal Payments Private Limited
- Eleventh Street Co., Ltd.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Digital Wallet Market Overview
8.1 Key Industry Highlights
8.2 South Korea Digital Wallet Historical Market (2018-2022)
8.3 South Korea Digital Wallet Market Forecast (2023-2028)
9 South Korea Digital Wallet Market by Mode of Payment
9.1 Proximity
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Remote Payment
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 South Korea Digital Wallet Market by Device
10.1 PC/Laptops
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Smartphones
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
11 South Korea Digital Wallet Market by End-Use
11.1 Personal
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Corporate
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
12 South Korea Digital Wallet Market by Industry Vertical
12.1 Banking Financial Services and Insurance
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Retail
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Media and Entertainment
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Education
12.4.1 Market Share
12.4.2 Historical Trend (2018-2022)
12.4.3 Forecast Trend (2023-2028)
12.5 Gaming
12.5.1 Market Share
12.5.2 Historical Trend (2018-2022)
12.5.3 Forecast Trend (2023-2028)
12.6 IT and Telecommunications
12.6.1 Market Share
12.6.2 Historical Trend (2018-2022)
12.6.3 Forecast Trend (2023-2028)
12.7 Aerospace
12.7.1 Market Share
12.7.2 Historical Trend (2018-2022)
12.7.3 Forecast Trend (2023-2028)
12.8 Automotive
12.8.1 Market Share
12.8.2 Historical Trend (2018-2022)
12.8.3 Forecast Trend (2023-2028)
12.9 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter's Five Forces Analysis
13.2.1 Supplier's Power
13.2.2 Buyer's Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Kakao Corporation
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Naver Financial Co., Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Samsung Electronics Co. Ltd
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 TosPayments Co., Ltd
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 NHN Payco Co., Ltd.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Coupang, Inc.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 PayPal Payments Private Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Eleventh Street Co., Ltd.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Digital Wallet Market: Key Industry Highlights, 2018 and 2028
2. South Korea Digital Wallet Historical Market: Breakup by Mode of Payment (USD Million), 2018-2022
3. South Korea Digital Wallet Market Forecast: Breakup by Mode of Payment (USD Million), 2023-2028
4. South Korea Digital Wallet Historical Market: Breakup by Device (USD Million), 2018-2022
5. South Korea Digital Wallet Market Forecast: Breakup by Device (USD Million), 2023-2028
6. South Korea Digital Wallet Historical Market: Breakup by Industry Vertical (USD Million), 2018-2022
7. South Korea Digital Wallet Market Forecast: Breakup by Industry Vertical USD Million), 2023-2028
8. South Korea Digital Wallet Historical Market: Breakup by End-Use (USD Million), 2018-2022
9. South Korea Digital Wallet Market Forecast: Breakup by End-Use (USD Million), 2023-2028
10. South Korea Digital Wallet Market Structure
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