Leading mobile payment providers in South Korea 2021

According to a survey conducted in South Korea in December 2021, Naver Pay was the most widely used mobile payment service in South Korea, at 75 percent. Kakao Pay and Samsung Pay followed with around 64.1 and 37.7 percent, respectively. Regarding the rising fintech adoption in South Korea, the fintech market continues to expand – and so does the digital payment industry.

Mobile payment in South Korea

The rising digital payment transaction values show that cashless payment is becoming increasingly widespread in South Korea. Having one of the highest smartphone penetration rates in the world, more and more South Koreans are making use of mobile payment methods. Users register their credit cards with the mobile payment service provider, which enables them to make payments using just a passcode or fingerprint scan, bypassing the authentication process previously required. All they need is a smartphone, whether online or offline.

Key mobile payment players

As the mobile payment industry grows rapidly, so does the competition. While Naver Pay currently leads the mobile payment market in South Korea, Kakao Pay stands out as one of the largest fintech companies in South Korea with its fast-growing revenues and rapidly increasing user base. Various providers such as Samsung Pay, Payco, Toss, as well as those of credit card institutions are expanding their services to meet the demand for cashless payment, which has surged during the COVID-19 pandemic.