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South Korea’s mobile payments market soars by USD12.72bn in 2023



South Korea’s mobile payments market experienced significant growth last year, with a KRW17tr (USD12.72bn) increase, reaching a total of KRW147.79tr through major providers Samsung Pay, Naver Pay, Kakao Pay, and NHN Payco. This data, provided by the Financial Supervisory Service, reflects a sharp rise, especially in the fourth quarter of 2023, where transactions surged by 40% from early 2022. Samsung Pay leads the market, especially in offline transactions, holding a 49.4% share of total payments. Partnerships like Naver Pay’s with Samsung Pay have boosted offline payment volumes, with Naver Pay’s offline transactions doubling in 2023. Kakao Pay, aiming to broaden its local store presence, announced a collaboration with Samsung Pay to offer offline mobile payments starting April.

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