Key Facts About
Korea
Korea
Language
Korean (official), spoken by 99.9%+ – linguistically homogeneous, with unique Hangul script
Population
~51.5 million, with 50% concentrated in the Seoul metropolitan area (East Asia’s 4th largest metro)
Religion
46.4% religiously unaffiliated; 29.4% Christian; 22.9% Buddhist. Confucian values remain influential in social norms
Youthful
35.2% under 30; Median age 40.8 → educated, tech-savvy consumer base.Individuals aged 50-60 account for approximately 15.8% of the population, who prefer secure and mature payment methods, credit cards, and bank transfers
Economy
Urbanization: 82.5% urban population; $36k GDP
Growth: GDP growth in 2023 will be 1.4%; Technology Driven (Semiconductor & Electronics Export)
Trade: China's #1 partner ($302 million in trade in 2023); a global technology export hub; 80%+ exports: semiconductors, automobiles, display panels
Growth: GDP growth in 2023 will be 1.4%; Technology Driven (Semiconductor & Electronics Export)
Trade: China's #1 partner ($302 million in trade in 2023); a global technology export hub; 80%+ exports: semiconductors, automobiles, display panels
Survey of consumption
Korea's fintech market is highly mature, and mobile payments are deeply integrated into daily life. The cooperation between fintech platforms and traditional financial institutions has achieved almost comprehensive coverage of financial services.
96.9%
Bank user penetration rate
68.4%
Credit card penetration rate
90.1%
Household debt ratio
Method of payment
Offline - Cash usage:
Korea's currency is the Korean Won (KRW). In 2023, cash accounted for only 15.9% of offline transactions. Credit cards (46.2%) and debit cards (16.4%) were the mainstream options, while the remaining share was covered by digital wallets (e.g., Kakao Pay) and other methods.
Online -Credit card/digital wallet：
Credit cards made up 54% of online payments (local credit cards held a larger share), digital wallets (Kakao Pay, Naver Pay, etc.) accounted for about 20%, and bank transfers for 15%.
High-Value Transactions & VA:
However, when the payment amount exceeds 1 million won, the proportion consistently surpasses 50%.
Korean credit cards impose strict spending limits and rigorous risk controls. For high-value transactions, VA directly interfaces with the bank balance, making it the preferred choice for luxury purchases, large recharges, and B2B trade.
