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The Report “South Korea’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape″ by Timetric is now available at RnRMarketResearch.com. Contact email@example.com with “South Korea’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape″ in subject line and your contact details to purchase this report or get your questions answered.
The report provides top-level market analysis, information and insights into South Korea’s cards and payments industry, including:
• Current and forecast values for each category of South Korea’s cards and payments industry, including debit cards, credit cards and prepaid cards
• Comprehensive analysis of the industry’s market attractiveness and future growth areas
• Analysis of various market drivers and regulations governing South Korea’s cards and payments industry
• Detailed analysis of the marketing strategies adopted for selling debit, credit and prepaid cards used by banks and other institutions in the market
• Comprehensive analysis of consumer attitudes and buying preferences for cards
• The competitive landscape of South Korea’s cards and payments industry
The South Korean card payments channel registered growth during the review period (2009-2013) posting a compound annual growth rate (CAGR) of 4.22% to reach 294.4 million cards in circulation by the end of 2013. The card payments channel valued KRW986.0 trillion (US$899.5 billion) in 2013. Changing lifestyle demographics, the increased popularity of online shopping and higher disposable income per capita supported the growth of the volume of cards in circulation. The debit card category occupied the largest share and grew at a review-period CAGR of 4.19%. Over the forecast period (2014?2018) the debit card category is expected to post a CAGR of 1.84%. The credit card category occupied the second-largest share at a review-period CAGR of 2.82%. The credit card category is expected to register a forecast-period CAGR of 1.80%. An increase in household debt burden has prompted the South Korean government to introduce measures to discourage credit card spending.
The government reduced tax deductions on credit card transactions and increased tax deductions for debit and prepaid cards. During the first three quarters of 2011, merchandize credit valued KRW1.6 trillion (US$1.44 billion), whereas during the first three quarters of 2012, that value was reduced to KRW0.1 trillion (US$90 million). Spin-off credit card units are expected to increase competition over the forecast period. Many banks and non-bank firms opt for spin-off credit card firms in association with existing competitors such as telecom operators.
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