Mobile Readiness Index : South Korea


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Mobile Readiness Index : South Korea

  1. 1. Mobile Payments Readiness Index SOUTH KOREAMobile Commerce Clusters Consumer ReadinessEnvironment Financial Services 39.7Infrastructure Regulation Country Score Index AverageSUMMARY WHAT YOU NEED TO KNOWSouth Korea’s score of 39.7 on m-commerce. South Korea performs well South Korea needs to improve thethe MasterCard Mobile Payments in the financial services and regulatory ease of doing business and financial services affordabilityReadiness Index demonstrates the realms. It could enhance its performanceimportance of partnerships and in areas like ease of doing business and Partnerships with regional mobile payments players like NTT docomo are good for long-consumer readiness for mobile improving efficiencies in the legal system term viabilitypayments adoption. Consumers are that, if strengthened, could accelerate Consumers use m-commerce (18%)willing and are currently using mobile mainstream adoption of mobile and P2P (14%) more often than POS payments (6%)phones for both P2P payments and payments.COUNTRY OVERVIEWMarket Forces AFFORDABILITY OF FINANCIAL SERVICESThe partnerships being developed fostering cross-border mobile payments. South Koreaamong South Korean banks and To supplement an eager consumer basemobile network operators suggest and growing partnerships, South Korea Index Averagethat the country is committed to needs to invest in some other areas thatmobile payments’ long-term growth. will accelerate the adoption of mobilePartnerships also include regional players, payments. 0% 20% 40% 60% such as NTT docomo in Japan, focused on
  2. 2. Improving regulatory factors like ease of further encourage investment in the lay the foundation for better coordinationdoing business and efficiency of dispute sector. Efforts to make financial services between banks and other members of theresolution via the legal system could more affordable and competitive could mobile payments ecosystem.Consumer SentimentConsumers in South Korea have banks and telecommunications firms, suggests that with some marketing andshown themselves to be users and partners abroad, start to take root. consumer education efforts, and theof mobile payments in both P2P improvements to the user experiencepayments and m-commerce. Consumers in South Korea are that new technology brings, consumersCurrently, point-of-sale payments are more willing to use mobile phones could expand from m-commerce andused less, but that may change as the at the point of sale than they are P2P into POS payments as well.partnerships among South Korean familiar with the capability. This GLOBAL PERSPECTIVE ON CONSUMER SENTIMENT IN SOUTH KOREA 100% 75% 50% 28% 18% 21% 9% 21% 21% 25% 18% 20% 19% 16% 17% 16% 14% 11% 8% 10% 6% 5% 0% P2P POS m-comm P2P POS m-comm P2P POS m-comm FAMILIAR WILLING USING Country Score Index Average Leading Country Score To view this data in more detail, visit CONCLUSIONSouth Korea’s consumers are affordable. These advances could SOUTH KOREAcurrently using mobile payments allow for increased adoption of mobilemainly to send money to each other payments at the point of sale. Closingand for m-commerce. The existing some of these gaps can strengthenstructures for mobile payments canbe upgraded by improving the legal South Korea’s burgeoning partnership efforts to build mobile payments at 39.7system’s dispute resolution capabilities scale, and put the country on firm IN DE .2 X AVG 33and by making financial services more footing for the future. View Data Sources at Mobile Payments Readiness Index