Cryptocurrency Q&A
What is the most used payment method in South Korea?
What is the most used payment method in South Korea?
KimonoElegance
Sat Oct 12 2024
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7 answers
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In South Korea, the payment landscape is diverse, with a significant presence of credit cards, online banking, and digital wallets. Among these, credit cards stand out as a widely used payment method, with a high penetration rate of 6.7 cards per person, accounting for 70% of all payments. Additionally, digital wallets like KakaoPay have gained popularity due to their convenience in mobile and online transactions.
7 answers
GangnamGlitter
Mon Oct 14 2024
The popularity of credit cards as a payment mode underscores their convenience and wide acceptance among both retailers and shoppers in South Korea.
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henry_grayson_lawyer
Mon Oct 14 2024
Reflecting this trend, the total value of credit card transactions in South Korea witnessed a notable growth in recent years. In 2022, the figure surged to 988 trillion South Korean won, marking a substantial increase from the previous year's total.
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Maria
Mon Oct 14 2024
Compared to 2021, where the value stood at 886 trillion South Korean won, the 2022 figure represents a robust upswing in the value of credit card-based transactions.
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GyeongjuGlory
Mon Oct 14 2024
In the realm of eCommerce transactions, South Korean consumers display a clear preference for paying via credit card. This method accounts for a significant 72% of all online purchases made within the country.
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KatanaGlory
Mon Oct 14 2024
This surge can be attributed to various factors, including the increasing digitalization of the South Korean economy, the expansion of eCommerce platforms, and the general preference of consumers for convenient and secure payment methods.
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