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Emerging Opportunities in South Korea's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape

  • Published:
  • 94 Pages
  • Timetric

Abstract

Synopsis

The report provides market analysis, information and insights into South Korea's cards and payments industry, including:

  • Current and forecast values for each category of South Korea's cards and payments industry including debit cards, credit cards, prepaid cards and charge cards
  • Comprehensive analysis of the industry's market attractiveness and future growth areas
  • Analysis of various market drivers and regulations governing South Korea's cards and payments industry
  • Detailed analysis of the marketing strategies adopted for selling various categories of cards such as debit, credit, prepaid and charge cards used by various bankers and other institutions in the market
  • Comprehensive analysis of consumer attitudes and their buying preferences for cards
  • Competitive landscape of South Korea's cards and payments industry

Summary

The South Korean cards and payments industry grew at a CAGR of 6.39% during the review period (2008-2012). The debit card category accounted for a CAGR of 5.21%. Over the forecast period (2013-2017) the debit card category is expected to grow at a CAGR of 4.02%. The credit card category occupied the second-largest share during the review period and grew at a CAGR of 7.29% and is expected to grow at a CAGR of 2.24% over the forecast period. The growth of the credit card category will be facilitated by the emergence of non-bank card issuers. The prepaid card category grew at a CAGR of 7.97% during the review period and is expected to grow at a CAGR of 4% over the forecast period. The charge card category posted a CAGR of -4.95% in volume terms in 2011 owing to declining demand from the corporate segment and is anticipated to decline at a CAGR of -2.22% over the forecast period.

Scope

  • This report provides a comprehensive analysis of South Korea's cards and payments industry
  • It provides current values for South Korea's cards and payments industry for 2012 and forecast figures for 2017
  • It details the different macroeconomic, infrastructural, consumer and business drivers affecting South Korea's cards and payments industry
  • It outlines the current regulatory framework in the industry
  • It details the marketing strategies used by various bankers and other institutions
  • It profiles the major banks operating in South Korea's cards and payments industry

Reasons To Buy

  • Make strategic business decisions using historic and forecast market data related to South Korea's cards and payments industry and each market within it
  • Understand the key market trends and growth opportunities within South Korea's cards and payments industry
  • Assess the competitive dynamics in South Korea's cards and payments industry
  • Gain insights into the marketing strategies used for selling various categories of cards in South Korea
  • Gain insights into key regulations governing South Korea's cards and payments industry

Table of Contents

1. Executive Summary

2. Market Attractiveness and Future Prospects of the Cards and Payments Industry

3. Analysis of the South Korean Cards and Payments Industry Drivers

  • 3.1. Macroeconomic Drivers
    • 3.1.1. Inflation
    • 3.1.2. Central Bank Benchmark Interest Rate
    • 3.1.3. Unemployment Rate
  • 3.2. Consumer Drivers
    • 3.2.1. Annual disposable income
    • 3.2.2. Increasing volume of economically active population
    • 3.2.3. Urbanization
  • 3.3. Infrastructure Drivers
    • 3.3.1. USB credit cards
    • 3.3.2. Contactless cards
    • 3.3.3. Growth of mobile internet penetration
    • 3.3.4. Growth of internet penetration
    • 3.3.5. Growth of POS terminals
  • 3.4. Business Drivers
    • 3.4.1. Growth of online retail sales
    • 3.4.2. Virtual stores at subway stations
    • 3.4.3. Transportation cards
    • 3.4.4. Growth of retail sales
    • 3.4.5. Introduction of digital gift cards
  • 3.5. Card Fraud Statistics
  • 3.6. Regulatory Framework

4. Emerging Consumer Attitudes and Trends

  • 4.1. Market Segmentation and Targeting
  • 4.2. Consumer Preference
    • 4.2.1. Price
    • 4.2.2. Convenience
    • 4.2.3. Value-added service
    • 4.2.4. Rewards
    • 4.2.5. Security
  • 4.3. Online Buying Behaviour
    • 4.3.1. Internet infrastructure and users in South Korea
    • 4.3.2. Top e-commerce sites in South Korea
  • 4.4. Preferred Payment Methods

5. Competitive Landscape and Industry Dynamics

  • 5.1. Industry Share Analysis by Payment Channel
    • 5.1.1. Overview of payment channels
    • 5.1.2. Credit transfer
    • 5.1.3. Direct debit
    • 5.1.4. Cards
    • 5.1.5. Checks
  • 5.2. Debit Cards
    • 5.2.1. By competitors
    • 5.2.2. By scheme
  • 5.3. Credit Cards
    • 5.3.1. By competitor
    • 5.3.2. By scheme
  • 5.4. Charge Cards
    • 5.4.1. By scheme

6. Strategies Adopted by Key Competitors

  • 6.1. Market Entry Strategies
    • 6.1.1. Market entry strategies of non-bank card issuers
  • 6.2. Marketing / Product Strategy
    • 6.2.1. Debit cards
    • 6.2.2. Credit cards
    • 6.2.3. Prepaid cards
  • 6.3. Pricing Strategies

7. Market Size and Growth Potential of Payment Card Industry

  • 7.1. Market Share Analysis by Type of Card
  • 7.2. Total Size and Forecast of Card Industry
    • 7.2.1. Analysis by number of cards
    • 7.2.2. Analysis by transaction value
    • 7.2.3. Analysis by transaction volume
  • 7.3. The Debit Card Category Size and Forecast
    • 7.3.1. Analysis by number of cards
    • 7.3.2. Analysis by transaction value
    • 7.3.3. Analysis by transaction volume
    • 7.3.4. Other key performance indicators
  • 7.4. Prepaid Card Category Size and Forecast
    • 7.4.1. Number of cards by segment
    • 7.4.2. Analysis by transaction value
  • 7.5. Charge Card Category Size and Forecast
    • 7.5.1. Analysis by number of cards
    • 7.5.2. Analysis by transaction value
    • 7.5.3. Analysis by transaction volume
    • 7.5.4. Other key performance indicators
  • 7.6. Credit Card Category Size and Forecast
    • 7.6.1. Analysis by number of cards
    • 7.6.2. Analysis by transaction value
    • 7.6.3. Analysis by transaction volume
    • 7.6.4. Other key performance indicators

8. Company Profiles, Product and Marketing Strategies

  • 8.1. Citibank, Korea
    • 8.1.1. Strategies
    • 8.1.2. Debit Cards offered
    • 8.1.3. Credit Cards offered
  • 8.2. Woori Bank
    • 8.2.1. Strategies
    • 8.2.2. Debit Cards offered
    • 8.2.3. Credit Cards offered
  • 8.3. Daegu Bank (DGB Bank)
    • 8.3.1. Strategies
    • 8.3.2. Debit Cards offered
    • 8.3.3. Credit Cards offered

9. Appendix

  • 9.1. Methodology
  • 9.1. Contact Us
  • 9.2. About Timetric
  • 9.3. Disclaimer
  • 9.4. Definitions
  • 9.5. Services
  • 9.6. Disclaimer

List of Tables

  • Table 1: Interest Rate Changes of Central Bank of South Korea (%), 2008 - 2012
  • Table 2: Revised Loan Loss Reserve Requirements
  • Table 3: South Korea Payment Channels (KRW Million), 2008 and 2012
  • Table 4: Total Assets and Net Profits Of Foreign Banks In Korea By Ownership
  • Table 5: Daegu Bank Card Fees
  • Table 6: Citibank Card Fees
  • Table 7: South Korea's Cards and Payments Industry by Type of Card (Thousands), 2008-2017
  • Table 8: South Korea's Cards and Payments Industry Size by Volume (Thousands), 2008-2017
  • Table 9: South Korea's Cards and Payments Industry Size by Transaction Value (KRW Million)
  • Table 10: South Korea's Cards and Payments Industry Size by Transaction Value (US$ Million)
  • Table 11: South Korea's Cards and Payments Industry Size by Transaction Volume (Million)
  • Table 13: South Korea - The Debit Card Category Size (KRW Million), 2008-2017
  • Table 14: South Korea - The Debit Card Category Size (US$ Million), 2008-2017
  • Table 15: South Korea - The Debit Card Category Size by Transaction Volume (Million), 2008-2017
  • Table 16: South Korea - The debit card category Size by Frequency of Use
  • Table 17: South Korea - Prepaid Card Category Size (Thousands), 2008-2017
  • Table 18: South Korea - Open-Loop Prepaid Cards Segment Size (Thousands), 2008-2017
  • Table 19: South Korea - Closed-Loop Prepaid Cards Segment Size (Thousands), 2008-2017
  • Table 20: South Korea - Prepaid Cards Category Size (KRW Million), 2008-2017
  • Table 21: South Korea - Prepaid Cards Category Size (US$ Million), 2008-2017
  • Table 22: South Korea - Charge Card Category Size (Thousands), 2008-2017
  • Table 23: South Korea - Charge Card Category Size (KRW Million), 2008-2017
  • Table 24: South Korea - Charge Card Category Size (US$ Million), 2008-2017
  • Table 25: South Korea - Charge Card Category Size by Transaction Volume (Million), 2008-2017
  • Table 26: South Korea - Charge Card Category Size by Frequency of Use, 2008-2017
  • Table 27: South Korea - Credit Card Category Size by Volume (Thousands), 2008-2017
  • Table 28: South Korea - Credit Card Category Size by Transaction Value (KRW Million), 2008-2017
  • Table 29: South Korea - Credit Card Category Size by Transaction Value (US$ Million), 2008-2017
  • Table 30: South Korea - Credit Card Category Size by Transaction Volume (Million), 2008-2017
  • Table 31: South Korea - Credit Card Category Size by Frequency of Use, 2008-2017
  • Table 32: South Korea - Credit Card Category Size by Average Transaction Value (KRW), 2008-2017
  • Table 33: South Korea - Credit Card Category Size by Average Transaction Value (US$), 2008-2017
  • Table 34: Cards and Payments Key Definitions

List of Figures

  • Figure 1: Current and Future Prospects of Various Cards in South Korea
  • Figure 2: Growth Potential of the South Korea Cards and Payments Industry by Area of Usage
  • Figure 3: South Korea Cards and Payments Industry Drivers
  • Figure 4: Inflation Rate in South Korea (% change of average consumer prices), 2008 - 2017
  • Figure 5: Unemployment Rate in South Korea (% of Labour Force), 2008-2017
  • Figure 6: Annual Disposable Income of Population in South Korea (KRW Million), 2008-2017
  • Figure 7: Economically Active Population in South Korea (Million), 2008-2017
  • Figure 8: Urban Population in South Korea (Million), 2008-2017
  • Figure 9: Mobile Internet Penetration in South Korea (%), 2008-2012
  • Figure 10: Internet Penetration In South Korea (%), 2008-2012
  • Figure 11: Number of POS Terminals in South Korea (Thousands), 2008-2017
  • Figure 12: Value of Online Retail Sales in South Korea (KRW, Million), 2008-2017
  • Figure 13: Virtual Stores at Subway Stations in South Korea
  • Figure 14: Value of Retail Sales in South Korea (US$, Million), 2008-2012
  • Figure 15: Country Card Fraud Statistics (KRW Million), 2008-2012
  • Figure 16: South Korea Cards and Payments Market Segmentation by Card Type
  • Figure 17: Cards Targeting Female Customers
  • Figure 18: Cards Targeting Vehicle Owners
  • Figure 19: Cards Targeting Frequent Foreign Travelers
  • Figure 20: Consumer Preferences on Various Types of Cards
  • Figure 21: Online Buying Behaviour in South Korea, 2008-2012
  • Figure 22: Internet Users by Age in South Korea, 2011
  • Figure 23: Share of Online Retail Sales in Total Retail Sales, 2010 and 2017
  • Figure 24: Share of Different Online Payment Options in South Korea (%), 2011
  • Figure 25: Share of Different Payment Channels in South Korea (%), 2012
  • Figure 26: South Korea - Value and Growth of Credit Transfer (KRW Million), 2008-2012
  • Figure 27: South Korea - Value and Growth of Direct Debit (KRW Million), 2008-2012
  • Figure 28: South Korea - Value and Growth of Card Payments (KRW Million), 2008-2012
  • Figure 29: South Korea - Value and Growth of Check Payments (KRW Million), 2008-2012
  • Figure 30: South Korea - The Debit Card Category Share by Bank (%), 2011
  • Figure 31: South Korea - Debit Card Shares by Scheme (%), 2011
  • Figure 32: South Korea - Credit Card Shares by Bank (%), 2011
  • Figure 33: South Korea - Credit Card Shares by Scheme (%), 2011
  • Figure 34: South Korea - Charge Card Shares by Card Type (%), 2011
  • Figure 35: Leading Non-Bank Issuers In Credit Card Category By Number Of Cards (Thousands)
  • Figure 36: Card Marketing Strategies of South Korean Banks
  • Figure 37: South Korea's Cards and Payments Industry by Type of Card (%), 2008-2017
  • Figure 38: South Korea's Cards and Payments Industry Size by Volume (Thousands), 2008-2017
  • Figure 39: South Korea's Cards and Payments Industry Size by Transaction Value (KRW Million)
  • Figure 40: South Korea's Cards and Payments Industry Size by Transaction Volume (Million), 2008-2017
  • Figure 41: South Korea - The Debit Card Category Size (Thousands), 2008-2017
  • Figure 42: South Korea - The Debit Card Category Size (KRW Million), 2008-2017
  • Figure 43: South Korea - The Debit Card Category Size by Transaction Volume (Million), 2008-2017
  • Figure 44: South Korea - The debit card category Size by Frequency of Use, 2008-2017
  • Figure 45: Debit Card Usage ATMs and POS Terminals (Thousands), 2008-2017
  • Figure 46: South Korea - Prepaid Card Category Size (Thousands), 2008-2017
  • Figure 47: South Korea - Open-Loop Prepaid Cards Segment Size (Thousands), 2008-2017
  • Figure 48: South Korea - Closed-Loop Prepaid Cards Segment Size (Thousands), 2008-2017
  • Figure 49: South Korea - Prepaid Cards Category Size (KRW Million), 2008-2017
  • Figure 50: South Korea - Charge Card Category Size (Thousands), 2008-2017
  • Figure 51: South Korea - Charge Card Category Size (KRW Million), 2008-2017
  • Figure 52: South Korea - Charge Card Category Size by Transaction Volume (Million), 2008-2017
  • Figure 53: South Korea - Charge Card Category Size by Frequency of Use, 2008-2017
  • Figure 54: South Korea - Credit Card Category Size by Volume (Thousands), 2008-2017
  • Figure 55: South Korea - Credit Card Category Size by Transaction Value (KRW Million), 2008-2017
  • Figure 56: South Korea - Credit Card Category Size by Transaction Volume (Million), 2008-2017
  • Figure 57: South Korea - Credit Card Category Size by Frequency of Use, 2008-2017
  • Figure 58: South Korea - Credit Card Category Size by Average Transaction Value (KRW), 2008-2017
  • Figure 59: Citibank Korea, Market Segmentation of Cards Offered
  • Figure 60: Woori Bank Market Segmentation of Cards Offered
  • Figure 61: Daegu Bank Market Segmentation of Cards Offered
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