South Korea Digital Wallet Market Growth, Size, Trends, Demand, Revenue and Future Competition: SPER Market Research

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Published: Sep 2023	Report ID: BFSI2348	Pages: 1 - 103	Formats^*:
Category : BFSI

South Korea Digital Wallet Market Introduction and Overview

According to SPER Market Research, the South Korea Digital Wallet Market is estimated to reach USD XX billion by 2033 with a CAGR of 9.01%.

The report includes an in-depth analysis of the South Korea Digital Wallet Market, including market size and trends, product mix, distribution channels, and supplier analysis. A digital wallet, sometimes referred to as e-wallet, is an online service or software programme that facilitates electronic transactions between two parties by allowing them to exchange digital currency units for products and services. Before any transactions, money can be added to the digital wallet. As an alternative, a person's bank account can be connected to a digital wallet.

Toss Payments Co., Ltd: Financial services are offered by Toss Payments Co., Ltd. In the areas of asset management, brokerage, investment banking, and research, the organisation provides a variety of financial solutions. Additionally, Toss Payments offers services for securities consultancy and financial advice. The company was founded in 2011, and Seoul, South Korea, serves as its administrative centre.

Naver Financial Co., Ltd: Financial services company Naver Financial Co., Ltd. is based in Seongnam-si, South Korea. The company offers a wide range of services, including on-site payments, trial delayed payments, convenient payment methods, credit management services, and insurance education for small and medium-sized businesses.

Market Opportunities and Challenges

Opportunities: Due to South Korea's highly established e-commerce sector, customers are constantly looking for faster, safer, and more convenient payment options. This encourages the use of digital wallets for online transactions, making South Koreans more likely to do so. Additionally, more than half of South Koreans use smartphones, which presents an opportunity for the major firms and encourages healthy competition among them to continually improve their services. High disposable income and rising living standards are two more elements that support market expansion.

Challenges: The lack of widespread acceptance of digital wallets, with many areas and nations having their own payment systems, is one of the market's major obstacles. With cyber-attacks and data breaches posing a substantial risk to digital wallet users, security and privacy concerns also provide significant obstacles for the digital wallet sector. Additional key market restrictions include the high cost of creating and maintaining digital wallet systems, the requirement for a strong infrastructure, and regulatory compliance.

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Market Competitive Landscape

The market exhibits a moderate level of fragmentation, with several major players, including Coupang, Inc., Eleventh Street Co., Ltd., Kakao Corporation, Naver Financial Co., Ltd, NHN Payco Co., Ltd., PayPal Payments Private Limited, Samsung Electronics Co. Ltd, TosPayments Co., Ltd, Others.

Scope of the Report:

Report Metric	Details
Market size available for years	2019-2033
Base year considered	2022
Forecast period	2023-2033
Segments covered	By Mode of Payment, By Device, By End Use, By Industry Vertical
Regions covered	East South Korea, Southeast South Korea, Southwest South Korea, West South Korea
Companies Covered	Coupang, Inc., Eleventh Street Co., Ltd., Kakao Corporation, Naver Financial Co., Ltd, NHN Payco Co., Ltd., PayPal Payments Private Limited, Samsung Electronics Co. Ltd, TosPayments Co., Ltd, Others

COVID-19 Impact on South Korea Digital Wallet Market

Since the COVID-19 outbreak, the market for digital wallets has grown tremendously as a result of the societal alienation that forced the government, businesses, and others to switch to online payment methods. South Koreans have a good understanding of mobile wallets, and the nation is ranked among the top markets worldwide for mobile wallet spending per person. The development of the digital wallet business in South Korea has been aided by the government's push for a cashless society as well as increased smartphone and internet use.

Key Target Audience

Aerospace
Automotive
Banking Financial Services and Insurance
Education
Gaming
IT and Telecommunications
Media and Entertainment
Retail
Others

Our in-depth analysis of the South Korea Digital Wallet Market includes the following segments:

By Mode of Payment:	Proximity Remote Payment
By Device:	PC/Laptops Smartphones
By End Use:	Corporate Personal
By Industry Vertical:	Aerospace Automotive Banking Financial Services and Insurance Education Gaming IT and Telecommunications Media and Entertainment Retail Others

Key Topics Covered in the Report

South Korea Digital Wallet Market Size (FY’2023-FY’2033)
Overview of South Korea Digital Wallet Market
Segmentation of South Korea Digital Wallet Market By Mode of Payment (Proximity, Remote Payment)
Segmentation of South Korea Digital Wallet Market By Device (PC/Laptops, Smartphones)
Segmentation of South Korea Digital Wallet Market By End Use (Corporate, Personal)
Segmentation of South Korea Digital Wallet Market By Industry Vertical (Aerospace, Automotive, Banking Financial Services and Insurance, Education, Gaming, IT and Telecommunications, Media and Entertainment, Retail, Others)
Statistical Snap of South Korea Digital Wallet Market
Expansion Analysis of South Korea Digital Wallet Market
Problems and Obstacles in South Korea Digital Wallet Market
Competitive Landscape in the South Korea Digital Wallet Market
Impact of COVID-19 and Demonetization on South Korea Digital Wallet Market
Details on Current Investment in South Korea Digital Wallet Market
Competitive Analysis of South Korea Digital Wallet Market
Prominent Players in the South Korea Digital Wallet Market
SWOT Analysis of South Korea Digital Wallet Market
South Korea Digital Wallet Market Future Outlook and Projections (FY’2023-FY’2033)
Recommendations from Analyst

1. Introduction

1.1. Scope of the report
1.2. Market segment analysis

2. Research Methodology

2.1. Research data source

2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s

2.2. Market size estimation

2.2.1. Top-down and Bottom-up approach

2.3. Data triangulation

3. Executive Summary

4. Market Dynamics

4.1. Driver, Restraint, Opportunity and Challenges analysis

4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges

4.2. COVID-19 Impacts of the South Korea Digital Wallet Market

5. Market variable and outlook

5.1. SWOT Analysis

5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats

5.2. PESTEL Analysis

5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape

5.3. PORTER’s Five Forces

5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry

5.4. Heat Map Analysis

6. Competitive Landscape

6.1. South Korea Digital Wallet Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Digital Wallet Market

7. South Korea Digital Wallet Market, By Mode of Payment (USD Million)

7.1. South Korea Digital Wallet Market Value Share and Forecast, By Mode of Payment, 2023-2033
7.2. Proximity
7.3. Remote Payment

8. South Korea Digital Wallet Market, By Device (USD Million)

8.1. South Korea Digital Wallet Market Value Share and Forecast, By Device, 2023-2033
8.2. PC/Laptops
8.3. Smartphones

9. South Korea Digital Wallet Market, By End Use (USD Million)

9.1. South Korea Digital Wallet Market Value Share and Forecast, By End Use, 2023-2033
9.2. Corporate
9.3. Personal

10. South Korea Digital Wallet Market, By Industry Vertical (USD Million)

10.1. South Korea Digital Wallet Market Value Share and Forecast, By Industry Vertical, 2023-2033
10.2. Aerospace
10.3. Automotive
10.4. Banking Financial Services and Insurance
10.5. Education
10.6. Gaming
10.7. IT and Telecommunications
10.8. Media and Entertainment
10.9. Retail
10.10. Others

11. South Korea Digital Wallet Market Forecast, 2019-2033 (USD Million)

11.1. South Korea Digital Wallet Market Size and Market Share

12. South Korea Digital Wallet Market, By Mode of Payment, 2019-2033 (USD Million)

12.1. South Korea Digital Wallet Market Size and Market Share By Mode of Payment (2019-2026)
12.2. South Korea Digital Wallet Market Size and Market Share By Mode of Payment (2027-2033)

13. South Korea Digital Wallet Market, By Device, 2019-2033 (USD Million)

13.1. South Korea Digital Wallet Market Size and Market Share By Device (2019-2026)
13.2. South Korea Digital Wallet Market Size and Market Share By Device (2027-2033)

14. South Korea Digital Wallet Market, By End Use, 2019-2033 (USD Million)

14.1. South Korea Digital Wallet Market Size and Market Share By End Use (2019-2026)
14.2. South Korea Digital Wallet Market Size and Market Share By End Use (2027-2033)

15. South Korea Digital Wallet Market, By Industry Vertical, 2019-2033 (USD Million)

15.1. South Korea Digital Wallet Market Size and Market Share By Industry Vertical (2019-2026)
15.2. South Korea Digital Wallet Market Size and Market Share By Industry Vertical (2027-2033)

16. South Korea Digital Wallet Market, By Region, 2019-2033 (USD Million)

16.1. South Korea Digital Wallet Market Size and Market Share By Region (2019-2026)
16.2. South Korea Digital Wallet Market Size and Market Share By Region (2027-2033)
16.3. East South Korea
16.4. Southeast South Korea
16.5. Southwest South Korea
16.6. West South Korea

17. Company Profile

17.1. Coupang, Inc.

17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments

17.2. Eleventh Street Co., Ltd.

17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments

17.3. Kakao Corporation

17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments

17.4. Naver Financial Co., Ltd

17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments

17.5. NHN Payco Co., Ltd.

17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments

17.6. PayPal Payments Private Limited

17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments

17.7. Samsung Electronics Co. Ltd

17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments

17.8. TosPayments Co., Ltd

17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments

17.9. Others

18. List of Abbreviations

19. Reference Links

20. Conclusion

21. Research Scope

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

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Frequently Asked Questions About This Report

How big is the South Korea Digital Wallet Market?

South Korea Digital Wallet Market is projected to reach USD XX billion by 2033, growing at a CAGR of 9.01% during the forecast period.

What is the growth rate of the South Korea Digital Wallet Market?

South Korea Digital Wallet Market grew in market size from 2022. The Market is expected to reach USD XX billion by 2033, at a CAGR of 9.01% during the forecast period.

What is the anticipated CAGR of the South Korea Digital Wallet Market?

South Korea Digital Wallet Market CAGR of 9.01% during the forecast period.

How can I get a sample report on the South Korea Digital Wallet Market?

You can get the sample pages by clicking the link - Click Here

What is the market size of the South Korea Digital Wallet Market?

South Korea Digital Wallet Market size is USD XX billion from 2023 to 2033.

Which segment is expected to South Korea Digital Wallet Market?

South Korea Digital Wallet Market Segment is covered By Mode of Payment, By Device, By End Use, By Industry Vertical.

Which region is expected to have the highest market share in the South Korea Digital Wallet Market?

The Asia-Pacific is anticipated to have the highest market share in the South Korea Digital Wallet Market.

Who are the key players in South Korea Digital Wallet Market?

The key players in the market include Companies Covered Coupang, Inc., Eleventh Street Co., Ltd., Kakao Corporation, Naver Financial Co., Ltd, NHN Payco Co., Ltd., PayPal Payments Private Limited, Samsung Electronics Co. Ltd, TosPayments Co., Ltd, Others.

What is the conclusion of the South Korea Digital Wallet Market?

A digital wallet, sometimes referred to as e-wallet, is an online service or software programme that facilitates electronic transactions between two parties by allowing them to exchange digital currency units for products and services.