Most popular payment method in Korea unveiled

The coronacrisis measures have further accelerated e-commerce sales in South Korea

South Korea

Most popular payment method in Korea unveiled. Source: unsplash.com

GlobalData reports that payment cards are accounting for 70.4% share in 2020, making them the most preferred payment method for e-commerce purchases in South Korea.

Meanwhile, alternative payment methods are gaining prominence among consumers and collectively account for a 16.8% share.

Besides, the country’s e-commerce market is estimated at $90.1 billion in 2020, registering an annual growth of 22.3%. This is expected to grow at a CAGR of 12.% reaching $141.8 billion in 2024.

The demand for e-commerce has skyrocketed amid the pandemic as wary consumers prefer to stay at home to avoid social contact
Nikhil Reddy, Banking and Payments Analyst at GlobalData

As to online sales, food delivery services grew by 61.5%, household goods by 48.9%, while food and beverages increased by 39.4%.

The rise in e-commerce business is set to benefit the card companies as well as payment providers.

We’ve reported that Malaysia’s e-commerce market is forecasted to register a 24.7% growth in 2020. The market is expected to reach $12.6 billion by 2024, increasing at a compound annual growth rate of 14.3% between 2020 and 2024.

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