South Korea Mobile Wallet Market Overview

Market Statistics

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 3.7 Billion

Market Forecast in 2033: USD 11.8 Billion

Market Growth Rate: 12.2%(2025-2033)

According to the latest report by IMARC Group, the South Korea mobile wallet market size reached USD 3.7 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 11.8 Billion by 2033, exhibiting a growth rate (CAGR) of 12.2% during 2025-2033. 

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South Korea Mobile Wallet Industry Trends and Drivers:

The adoption of mobile wallets in South Korea is experiencing growth due to its tech-savvy customers and smartphone penetration. Consumers are using mobile wallets for everyday transactions from coffee, to public transport as contactless payments grow in popularity due to the convenience. Key wallet providers are ramping up their services by including features such as loyalty programs, digital IDs, and P2P transfers. The emergence of QR code payments and wallet provider partnerships with retail providers is allowing for easy and rapid transaction opportunities. Moreover, the government's push for a cashless society along with 5G capabilities is bolstering the infrastructure supporting digital payment, making South Korea the center for mobile wallet innovation.

Trends within the mobile wallet sector are guided by security and consumer trust. In particular, providers are investing heavily in biometric authentication measures, such as both fingerprint and facial recognition technology to protect data and ensure secure transactions. Meanwhile, the implementation of blockchain technology is rising in popularity and development due to its ability to offer transparent and tamper-proof transaction records. In addition, mobile wallets are not just extending their reach beyond payments, into things like ticket booking, utility payments, and investment products that meet consumers' other needs. There are plenty of competitor entrants within the market, driven by both fintech startups and large technology companies. They are all aggressively clustering features with value for consumers that a reduced friction user interface. Security and functionality is compelling increased acceptance, leading to broad and rapid adoption making them an integral part of the digital economy in South Korea.

South Korea Mobile Wallet Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest South Korea Mobile Wallet Market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

The report has segmented the market into the following categories:

Type Insights:

• Proximity
• Remote

Application Insights:

• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others

Regional Insights:

• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others

Competitive Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Additionally, the report features detailed profiles of all major companies in the South Korea Mobile Wallet industry.

Key highlights of the Report:

• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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