About 225 wordsLess than 1 minute
2025-03-07
Market overview
South Korea is one of the world's largest e-commerce markets, with retail e-commerce transaction volume expected to grow from $41.9 billion in 2017 to $90.5 billion in 2024.
As the home to some of the world's largest digital goods companies, digital service consumption is high. South Korea's credit card penetration rate is equivalent to 6.7 cards per person, accounting for 70% of all payment methods. Most are locally issued single-brand cards and dual-brand cards that partner with international payment systems such as Visa and MasterCard. In addition to credit cards, online banking and e-wallets are also popular in e-commerce, with KakaoPay being such a payment method.