Payment Solutions in South Korea

Territories - Asia

Reaching New Payment Horizons in South Korea

One of the most established e-commerce markets in the world

South Korea’s alternative payments solution industry is flourishing, driven by high smartphone penetration, advanced digital infrastructure, and a tech-savvy population. Mobile payment platforms like KakaoPay, Naver Pay, and Samsung Pay dominate the market, offering seamless, secure transactions. The adoption of e-wallets and digital banking services, such as those provided by Toss and K Bank, is also on the rise, providing flexible financial management options. QR code payments are popular among small businesses, facilitating the move towards a cashless society, while cryptocurrency adoption, supported by government regulations, is steadily increasing.

Market Overview

Population

51.8 million
Online Population

49.9 million
Currency

KRW

e-Commerce Market Value

$85.48 billion
GDP

$1,690 billion
GDP per Capita

$34,149.00

Available Payment Methods

UBank Connect is proud to support South Korea’s dynamic payment landscape with our robust bank transfer solutions. We offer both local and USDT settlement options, ensuring secure and efficient transactions tailored to meet the diverse needs of businesses and consumers. By providing reliable and versatile payment solutions, UBank Connect is helping to drive the growth and innovation of South Korea’s alternative payments industry.

Why choose UBank Connect?

Direct connection to banks
Dedicated bank account(s)
Local technology and operations team
Flexible and competitive rates
Global reach with a single API access
Support in emerging markets

Key Takeaways

In Korea, where 99.7% of homes have access to the internet via a computer, a mobile device, or another device, e-commerce represents a significant part of the overall consumer market.
The most popular foreign online shops that Koreans utilize are multi-brand retailers like Amazon.com and eBay.
Food services (13.3%), food & beverage (12.9%), home appliances & electronics (11.8%), apparel (8.8%), household items (8.7%), cosmetics (6.3%), and travel & transportation services are the top things purchased from domestic online merchants.
Cards are a popular method of payment for South Korean online shoppers. Alternative and regional payment methods, however, also hold a sizable market share. Credit cards are used for 66% of internet purchases in South Korea.

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Get started today!

Discover how UBank Connect can enhance your payment solutions in South Korea. Contact us today to learn more about how we can support your business. Let’s connect and take your payment processes to the next level.

Territories - Asia

Reaching New Payment Horizons in South Korea

One of the most established e-commerce markets in the world

Market Overview

Population

Online Population

Currency

e-Commerce Market Value

GDP

GDP per Capita

Available Payment Methods

Why choose UBank Connect?

Key Takeaways

Get started today!

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