South Korea Payments Industry Overview
The South Korean payments market is highly competitive and fragmented with the presence of significant market players such as Samsung Group, NaverPay, Toss Payments Co., Ltd, Amazon.com Inc., Apple Inc., PayPal Inc., and MasterCard Inc, Visa Inc., American Express Co. The companies are introducing new offerings and continuously investing in making partnerships and acquisitions along with product development to increase the market share.
- September 2022 - Alipay+, a digital payments network, has teamed with Asian mobile payment companies to make four digital wallets available in South Korea. Travelers may now pay at 120,000 retailers in South Korea using their native mobile payment apps by integrating their eWallets AlipayHK(Hong Kong), GCash(the Philippines), Touch 'n Go (Malaysia), and True Money (Thailand) with Alipay+, which is created by Ant Group.
- January 2022 - NAVER Corp. launched the Commerce Solution Market beta service, which will offer various 3rd party solutions to offer various third-party solutions for SME business operations. The platform helps Smart Store sellers in scaling up their business by partnering them with tech startups to provide a suite of advanced technology services that automate business operations.
South Korea Payments Market Leaders
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NAVER Corporation
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Visa Inc.
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Samsung Pay.
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Toss Financial Services Private Limited
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American Express Company
- *Disclaimer: Major Players sorted in no particular order
