South Korea Digital Wallet Market Trends 2023- Industry Top Companies Share, Revenue, Growth Drivers, Business Challenges, Opportunities and Future Strategies Report 2033: SPER Market Research
An electronic gadget or internet service called a “digital wallet” enables users to conduct transactions online. Users can use their smartphones to pay for purchases when combined with mobile payment systems. Digital wallets can hold more than just financial transactions; they can also save other kinds of personal data, like the specifics of a user’s driver’s licence, health card, and loyalty card. The popularity of the digital wallet is greatly influenced by its multitasking, which improves user ease.
According to SPER market research, ‘South Korea Digital Wallet Market Size– By Mode of Payment, By Device, By End Use, By Industry Vertical- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the KSA Digital Wallet Market is predicted to reach USD XX billion by 2033 with a CAGR of 9.01%.
The South Korean digital wallet market is witnessing expansion driven by the use of smartphones and the accessibility of high-speed internet. Digital wallets and mobile applications are becoming more and more popular in South Korea as a method of payment for both online and off-line purchases of products and services. The South Korean government’s banking restrictions were loosened as a result of ongoing investments by internet giants in mobile payment systems. During the projection period, the market growth of digital wallets in South Korea will also be driven by favourable government regulations that favour the spread of mobile payment services in the nation. The Financial Services Commission (FSC) of the nation has voted to allow non-bank financial institutions access to the country’s closed interbank payment networks, which will likely accelerate growth.
Nonetheless, several challenges occur in the South Korean digital wallet market. One of the main challenges facing the business is the lack of widespread adoption of digital wallets, as many regions and countries have their own payment systems. Because of the huge risk that cyber-attacks and data breaches pose to users of digital wallets, security and privacy issues also pose significant challenges for the digital wallet industry. Other significant market constraints include the high cost of developing and maintaining digital wallet systems, the need for a robust infrastructure, and regulatory compliance.
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Impact of COVID-19 on South Korea Digital Wallet Market
Additionally, the South Korean digital wallet market faced challenges during the COVID-19 pandemic. Transaction volumes and values initially dropped during lockdowns. However, the average transaction value increased as consumers began purchasing more essentials in a single transaction. The usage of physical cash significantly decreased shortly after the government imposed a nationwide lockdown. Basic stores took measures to limit cash transactions and encouraged contactless technology adoption to minimize contact with EPOS devices. Businesses focused on transitioning a higher volume of payments from cash to digital, particularly targeting the unbanked population and implementing relevant regulations. The pandemic accelerated the growth of digital wallets as government and businesses shifted toward online payment systems due to social distancing measures. Adaptations are required as the COVID-19 situation remains unpredictable.
South Korea Digital Wallet Market Key Players:
Additionally, some of the market key players are Coupang, Inc., Eleventh Street Co., Ltd., Kakao Corporation, TosPayments Co., Ltd, Others.
South Korea Digital Wallet Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Mode of Payment: Based on the Mode of Payment, South Korea Digital Wallet Market is segmented as; Proximity, Remote Payment.
By Device: Based on the Device, South Korea Digital Wallet Market is segmented as; PC/Laptops, Smartphones.
By End Use: Based on the End Use, South Korea Digital Wallet Market is segmented as; Corporate, Personal.
By Industry Vertical: Based on the Industry Vertical, South Korea Digital Wallet Market is segmented as; Aerospace, Automotive, Banking Financial Services and Insurance, Education, Gaming, IT and Telecommunications, Media and Entertainment, Retail, Others.
By Region: This research also includes data for East South Korea, Southeast South Korea, Southwest South Korea, West South Korea.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
South Korea Digital Wallet Market Future Outlook
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