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Published: Aug, 2016 | Pages:
63 | Publisher: Timetric
Industry: Financial Services | Report Format: Electronic (PDF)
Synopsis
Timetric's 'The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020' report provides detailed analysis of market trends in the Korean cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including cash, check payments, payment cards, direct debits and credit transfers during the review period (2011-2015). The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation and transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape including the market shares of issuers and schemes. The report brings together Timetric's research modeling and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
Summary
Timetric's 'The Cards and Payments Industry in South Korea: Emerging Trends and Opportunities to 2020' report provides top-level market analysis information and insights into the Korean cards and payments industry including: • Current and forecast values for each market in the Korean cards and payments industry including debit and pay later cards. • Detailed insights into payment instruments including cash credit transfers direct debits checks and payment cards. It also includes an overview of the country's key alternative payment instruments. • E-commerce market analysis and payment types. • Analysis of various market drivers and regulations governing the Korean cards and payments industry. • Detailed analysis of strategies adopted by banks and other institutions to market debit and pay later cards. • Comprehensive analysis of consumer attitudes and buying preferences for cards. • The competitive landscape in the Korean cards and payments industry.
Scope
• This report provides a comprehensive analysis of the Korean cards and payments industry. • It provides current values for the Korean cards and payments industry for 2015 and forecast figures to 2020. • It details the different demographic economic infrastructural and business drivers affecting the Korean cards and payments industry. • It outlines the current regulatory framework in the industry. • It details marketing strategies used by various banks and other institutions.
Reasons To Buy
• Make strategic business decisions using top-level historic and forecast market data related to the Korean cards and payments industry and each market within it. • Understand the key market trends and growth opportunities in the Korean cards and payments industry. • Assess the competitive dynamics in the Korean cards and payments industry. • Gain insights into marketing strategies used for various card types in South Korea. • Gain insights into key regulations governing the Korean cards and payments industry.
Key Highlights
• The uptake of alternative payments among South Korean consumers is gaining traction due to the emergence of a number of options such as Samsung Pay Naver Pay and Quick Pass. Banks merchants and telecom companies are investing to offer their customers a choice of payment options whether in-store at home or on the move. Samsung Pay which was launched in August 2015 has already registered transactions worth US$1 billion (KRW1.2 trillion). Similarly Naver Pay which was introduced in June 2015 by South Korea's search engine Naver recorded 11 million registered users. SK Telecom and MasterCard also launched their respective mobile payment (m-payment) solutions in 2015. More recently in June 2016 China Union Pay (CUP) expanded its m-payment service Quick Pass for South Korean consumers in association with KT Corporation and BC Card. • An increase in household debt prompted the South Korean government to introduce measures to control consumer credit card spending and encourage them to use debt-free payment instruments such as debit and prepaid cards. In this regard the government had passed a tax reform bill in 2012 which increased tax deductions on debit and prepaid card spending from 20% to 30% while it was reduced from 20% to 15% for credit cards. Furthermore the financial authorities and card issuers collectively developed guidelines limiting the eligibility of new credit card subscribers to adults with certain minimum credit ratings (grades 1-6) and made it mandatory for card issuers to consider the disposable income of a cardholder when establishing their credit line. More recently in January 2014 the Financial Services Commission (FSC) increased the daily purchase limit on debit card use from US$2,847 (KRW3 million) to US$5,659 (KRW6 million) from January 2014. • In a move to provide secured transactions at ATMs the Financial Supervisory Service (FSS) announced a new policy to block the use of magnetic stripe cards in all of the country's ATMs from May 2015. The shift to a chip-card-only policy began in March 2015 following successful trials of chip cards for cash advances and credit card loans at ATMs. According to the FSS 99.1% of the cards in circulation in South Korea were chip cards at the time of announcement. Consumers who were still holding magnetic cards were advised to get them replaced with chip cards from their respective banks.
Table of Contents
1 Definitions and Methodology 1.1 Definitions 1.2 Methodology 2 Key Facts and Events 3 Executive Summary 4 Payment Instruments 4.1 Current Payment Environment 5 E-Commerce and Alternative Payments 5.1 E-Commerce Market and Payment Methods 5.2 Alternative Payment Solutions 5.2.1 Samsung Pay 5.2.2 Naver Pay 5.2.3 KakaoPay 5.2.4 Master Pass 5.2.5 PayPal 5.2.6 Hana N Wallet 5.2.7 T-Pay 5.2.8 Quick Pass 5.2.9 LG Pay 6 Regulations in the Cards and Payments Industry 6.1 Regulatory Framework 6.2 Anti-Money Laundering (AML) 6.3 Foreign Direct Investment (FDI) Regulations 7 Analysis of Cards and Payments Industry Drivers 7.1 Demographic and Economic Drivers 7.2 Infrastructure and Business Drivers 8 Market Segmentation and New Product Launches 8.1 Market Segmentation and Targeting 8.1.1 Consumer cards 8.1.2 Commercial cards 8.2 New Product Launches 9 Payment Cards 9.1 Payment Cards Market Analysis 9.1.1 Volume and value of payment card transactions by type 10 Debit Cards 10.1 Debit Card Market Analysis 10.1.1 Turnover per debit card and transaction values by channel 10.1.2 Debit card scheme and issuer shares in terms of transaction value 10.1.3 Debit cards comparison 11 Pay Later Cards 11.1 Pay Later Cards Market Analysis 11.1.1 Turnover per pay later card and transaction values by channel 11.1.2 Pay later card scheme and issuer shares in terms of transaction value 11.1.3 Pay later cards comparison 12 Commercial Pay Later Cards 12.1 Commercial Pay Later Cards Market Analysis 12.1.1 Commercial pay later cards comparison 13 Card Issuers 13.1 Shinhan Bank 13.2 NongHyup Bank 13.3 KB Kookmin Card 13.4 Samsung Card 13.5 Woori Bank 14 Prepaid Cards 14.1 Prepaid Card Market Analysis 14.1.1 Prepaid cards comparison 15 Appendix 15.1 Tables 15.2 Contact Timetric 15.3 About Timetric 15.4 Timetric's Services 15.5 Disclaimer
List of Tables
Table 1: Key Definitions Table 2: Annual Average Exchange Rate Table 3: South Korea - Key Facts, 2015 Table 4: Regional Benchmarking of South Korean Payment Cards, 2015 Table 5: South Korea - Mode of Entry of Foreign Banks Table 6: Cards for High-Income Consumers, 2016 Table 7: Cards for Students and the Young Population, 2016 Table 8: Cards for Female Population, 2016 Table 9: Cards for Travelers, 2016 Table 10: Cards for Shoppers, 2016 Table 11: Commercial Card Comparisons and Key Features, 2016 Table 12: South Korea - New Product Launches Table 13: South Korea - Debit Cards Comparison and Key Features, 2016 Table 14: South Korea - Premium Credit Cards Comparison and Key Features, 2016 Table 15: South Korea - Charge Cards Comparison and Key Features, 2016 Table 16: South Korea - Commercial Pay Later Cards Comparison and Key Features, 2016 Table 17: South Korea - Prepaid Cards Comparison and Key Features, 2016 Table 18: South Korea - Payment Instrument Transaction Values (KRW Trillion), 2011-2015 Table 19: South Korea - Payment Instrument Transaction Values (US$ Billion), 2011-2015 Table 20: South Korea - Payment Instrument Transaction Volumes (Billion), 2011-2015 Table 21: South Korea - Number of Payment Cards in Circulation by Type (Million), 2011-2020 Table 22: South Korea - Volume of Payment Card Transactions by Type (Million), 2011-2020 Table 23: South Korea - Value of Payment Card Transactions by Type (KRW Trillion), 2011-2020 Table 24: South Korea - Value of Payment Card Transactions by Type (US$ Billion), 2011-2020 Table 25: South Korea - Number of Debit Cards in Circulation (Million), 2011-2020 Table 26: South Korea - Debit Card Transaction Volumes and Frequency by Channel, 2011-2020 Table 27: South Korea - Debit Card Total and Average Transaction Values by Channel, 2011-2020 Table 28: South Korea - Debit Card Total and Average Transaction Values by Channel, 2011-2020 Table 29: South Korea - Number of Debit Cards in Circulation by Scheme (Million), 2011-2015 Table 30: South Korea - Debit Card Transaction Values by Scheme (KRW Trillion), 2011-2015 Table 31: South Korea - Debit Card Transaction Values by Scheme (US$ Billion), 2011-2015 Table 32: South Korea - Debit Card Transaction Values by Issuer (KRW Trillion), 2011-2015 Table 33: South Korea - Debit Card Transaction Values by Issuer (US$ Billion), 2011-2015 Table 34: South Korea - Number of Pay Later Cards in Circulation (Million), 2011-2020 Table 35: South Korea - Pay Later Card Transaction Volumes and Frequency by Channel, 2011-2020 Table 36: South Korea - Pay Later Card Total and Average Transaction Values by Channel, 2011-2020 Table 37: South Korea - Pay Later Card Total and Average Transaction Values by Channel, 2011-2020 Table 38: South Korea - Number of Pay Later Cards in Circulation By Scheme (Million), 2011-2015 Table 39: South Korea - Pay Later Card Transaction Values By Scheme (KRW Trillion), 2011-2015 Table 40: South Korea - Pay Later Card Transaction Values By Scheme (US$ Billion), 2011-2015 Table 41: South Korea - Pay Later Card Transaction Values by Issuer (KRW Trillion), 2011-2015 Table 42: South Korea - Pay Later Card Transaction Values by Issuer (US$ Billion), 2011-2015 Table 43: South Korea - Number of Credit Cards in Circulation (Million), 2011-2020 Table 44: South Korea - Credit Card Transaction Volumes and Frequency by Channel, 2011-2020 Table 45: South Korea - Credit Card Total and Average Transaction Values by Channel, 2011-2020 Table 46: South Korea - Credit Card Total and Average Transaction Values by Channel, 2011-2020 Table 47: South Korea - Number of Credit Cards in Circulation by Scheme (Million), 2011-2015 Table 48: South Korea - Credit Card Transaction Values by Scheme (KRW Trillion), 2011-2015 Table 49: South Korea - Credit Card Transaction Values by Scheme (US$ Billion), 2011-2015 Table 50: South Korea - Number of Charge Cards in Circulation (Million), 2011-2020 Table 51: South Korea - Charge Card Transaction Volumes and Frequency by Channel, 2011-2020 Table 52: South Korea - Charge Card Total and Average Transaction Values by Channel, 2011-2020 Table 53: South Korea - Charge Card Total and Average Transaction Values by Channel, 2011-2020 Table 54: South Korea - Number of Charge Cards in Circulation by Scheme (Thousand), 2011-2015 Table 55: South Korea - Charge Card Transaction Values by Scheme (KRW Trillion), 2011-2015 Table 56: South Korea - Charge Card Transaction Values by Scheme (US$ Billion), 2011-2015 Table 57: South Korea - Personal and Commercial Pay Later Card Transaction Volumes (Billion), 2011-2020 Table 58: South Korea - Personal and Commercial Pay Later Card Transaction Values (KRW Trillion), 2011-2020 Table 59: South Korea - Personal and Commercial Pay Later Card Transaction Values (US$ Billion), 2011-2020 Table 60: South Korea - Number of Commercial Pay Later Cards in Circulation (Million), 2011-2020 Table 61: South Korea - Commercial Pay Later Card Transaction Values (KRW Trillion), 2011-2020 Table 62: South Korea - Commercial Pay Later Card Transaction Values (US$ Billion), 2011-2020 Table 63: South Korea - Commercial Pay Later Card Transaction Volumes (Million), 2011-2020 Table 64: South Korea - Number of Prepaid Cards in Circulation (Million), 2011-2020 Table 65: South Korea - Prepaid Card Transaction Values (KRW Billion), 2011-2020 Table 66: South Korea - Prepaid Card Transaction Values (US$ Million), 2011-2020
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