Growth of Cards and Payments Industry in South Korea : Market Trends and Application 2017

ResearchMoz presents professional and in-depth study of “The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020”.

Timetrics ‘The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020′ report provides detailed analysis of market trends in the Korean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cash, check payments, payment cards, direct debits and credit transfers during the review period (20112015).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation and transaction values and volumes during the review period and over the forecast period (20162020). It also offers information on the country’s competitive landscape including the market shares of issuers and schemes.

The report brings together Timetrics research modeling and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

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Summary

Timetrics ‘The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020’ report provides top-level market analysis information and insights into the Korean cards and payments industry including:

Current and forecast values for each market in the Korean cards and payments industry including debit and pay later cards.

Detailed insights into payment instruments including cash credit transfers direct debits checks and payment cards. It also includes an overview of the country’s key alternative payment instruments.

E-commerce market analysis and payment types.

Analysis of various market drivers and regulations governing the Korean cards and payments industry.

Detailed analysis of strategies adopted by banks and other institutions to market debit and pay later cards.

Comprehensive analysis of consumer attitudes and buying preferences for cards.

The competitive landscape in the Korean cards and payments industry.

Scope

This report provides a comprehensive analysis of the Korean cards and payments industry.

It provides current values for the Korean cards and payments industry for 2015 and forecast figures to 2020.

It details the different demographic economic infrastructural and business drivers affecting the Korean cards and payments industry.

It outlines the current regulatory framework in the industry.

It details marketing strategies used by various banks and other institutions.

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Reasons To Buy

Make strategic business decisions using top-level historic and forecast market data related to the Korean cards and payments industry and each market within it.

Understand the key market trends and growth opportunities in the Korean cards and payments industry.

Assess the competitive dynamics in the Korean cards and payments industry.

Gain insights into marketing strategies used for various card types in South Korea.

Gain insights into key regulations governing the Korean cards and payments industry.

Key Highlights

The uptake of alternative payments among South Korean consumers is gaining traction due to the emergence of a number of options such as Samsung Pay Naver Pay and Quick Pass. Banks merchants and telecom companies are investing to offer their customers a choice of payment options whether in-store at home or on the move. Samsung Pay which was launched in August 2015 has already registered transactions worth US$1 billion (KRW1.2 trillion). Similarly Naver Pay which was introduced in June 2015 by South Koreas search engine Naver recorded 11 million registered users. SK Telecom and MasterCard also launched their respective mobile payment (m-payment) solutions in 2015. More recently in June 2016 China Union Pay (CUP) expanded its m-payment service Quick Pass for South Korean consumers in association with KT Corporation and BC Card.

An increase in household debt prompted the South Korean government to introduce measures to control consumer credit card spending and encourage them to use debt-free payment instruments such as debit and prepaid cards. In this regard the government had passed a tax reform bill in 2012 which increased tax deductions on debit and prepaid card spending from 20% to 30% while it was reduced from 20% to 15% for credit cards. Furthermore the financial authorities and card issuers collectively developed guidelines limiting the eligibility of new credit card subscribers to adults with certain minimum credit ratings (grades 16) and made it mandatory for card issuers to consider the disposable income of a cardholder when establishing their credit line. More recently in January 2014 the Financial Services Commission (FSC) increased the daily purchase limit on debit card use from US$2,847 (KRW3 million) to US$5,659 (KRW6 million) from January 2014.

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In a move to provide secured transactions at ATMs the Financial Supervisory Service (FSS) announced a new policy to block the use of magnetic stripe cards in all of the country’s ATMs from May 2015. The shift to a chip-card-only policy began in March 2015 following successful trials of chip cards for cash advances and credit card loans at ATMs. According to the FSS 99.1% of the cards in circulation in South Korea were chip cards at the time of announcement. Consumers who were still holding magnetic cards were advised to get them replaced with chip cards from their respective banks.

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