Press Release

Fintech and Smartphone Adoption Propel South Korea’s Digital Payment Growth

Pune, November 24, 2025 – The South Korea mobile payment market is poised for remarkable growth, projected to expand from USD 39.75 billion in 2024 to nearly USD 81.24 billion by 2032, according to a new report released by Global Data Route Analytics. This impressive growth reflects a compound annual growth rate (CAGR) of 8.85% during the forecast period 2026–2032, driven by soaring smartphone adoption and increasing digital financial literacy among South Korean consumers.

The market is being shaped by technology-driven consumer behavior in one of the world's most digitally connected societies. With an exceptionally high internet penetration rate and a strong appetite for digital convenience, South Korean users are rapidly transitioning to mobile wallets, QR-based transactions, and contactless payment systems, replacing traditional banking and cash-based transactions with real-time digital solutions.

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Fintech Boom and Government Push Fuel Growth

The market expansion is further supported by proactive government policies aimed at accelerating the transition to a cashless economy. Key initiatives to support fintech startups, simplify digital payment regulations, and digitize government services have created fertile ground for the sector to flourish.

Leading players like KakaoPay Corp., Naver Pay Corporation, and Toss (Viva Republica) are spearheading innovation in mobile payments by offering integrated ecosystems that combine payments, investments, credit services, and identity verification. Global giants like Samsung Pay, Apple Pay, and Google Pay also maintain a strong foothold, contributing to ecosystem diversity and competition.

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Market Segmentation Highlights

The report provides a detailed breakdown of the market by technology, payment type, application, and end user, including:

  • By Technology: Near Field Communication (NFC), QR Code-Based Payments, Magnetic Secure Transmission (MST), SMS-Based Payments, USSD, and Contactless Payments
  • By Payment Type: Proximity Payments, Remote Payments
  • By Application: Retail & E-commerce, Transportation, Healthcare, Utilities & Bill Payments, Entertainment & Media, Hospitality & Travel, and Government Services
  • By End User: Individuals/Consumers, Businesses (SMEs, Large Enterprises), Government & Public Sector

Strategic Insights and Competitive Landscape

The competitive analysis within the report benchmarks the top 12 mobile payment providers in South Korea, offering insights into market share, innovation strategies, partnerships, and regional penetration. The COVID-19 impact analysis also highlights how the pandemic accelerated digital payment trends and reshaped consumer habits.

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About Global Data Route Analytics

Global Data Route Analytics is a market research and consulting firm that provides businesses with data analysis, market forecasts, and tailored reports across various industries. The company uses advanced data analysis techniques, proprietary data, and an expert team to help clients understand market trends, make informed decisions, and develop strategies. They focus on delivering customized solutions, competitive intelligence, and growth strategies to help businesses succeed in their respective markets.

Media Contact:
Srushti Tungar
Global Data Route Analytics

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