You are here :
Payments Landscape In South Korea: Opportunities And Risks To 2022
Published on: Jun 2018 | From USD $2750 | Published By: GLOBAL DATA | Number Of Pages: 49
Payments Landscape in South Korea: Opportunities and Risks to 2022
Summary
GlobalData’s "Payments Landscape in South Korea: Opportunities and Risks to 2022", report provides detailed analysis of market trends in South Korea's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, direct debit, payment cards, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018-22f). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
This report provides top-level market analysis, information and insights into South Korea's cards and payments industry, including -
- Current and forecast values for each market in South Korea's cards and payments industry, including debit and credit cards.
- Detailed insights into payment instruments including cash, credit transfers, direct debit, cheques, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing South Korea's cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Scope
- The emergence of digital-only banks K-Bank and KakaoBank is likely to further accelerate the shift towards electronic payments. The banks were launched in April and July 2017 respectively. Both allow consumers to open bank accounts in-app. Nearly 300,000 new accounts were opened with KakaoBank within 24 hours of its launch, and as of September 2017 the bank had a customer base of 3.9 million. It offers credit loans and overdrafts at a minimum rate of 2.86% per annum - the lowest among the country’s banks. Moreover, KakaoBank’s debit card does not have an annual fee, unlike many traditional banks. In December 2015, Shinhan Bank launched a mobile-only banking platform, Sunny Bank, allowing individuals to open bank accounts via mobile authentication.
- The uptake of alternative payments among South Koreans is gaining traction due to the emergence of solutions such as Samsung Pay, KakaoPay, Naver Pay, and QuickPass. In April 2018, South Korea-based payment solutions provider HAREX InfoTech and Jeju Bank launched a mobile app, UBpay, which allows users to make payments for both in-store and online purchases. Users can pay via a merchant’s QR code, a barcode, or contactless. In June 2017, electronics manufacturing company LG launched its mobile payment solution LG Pay. It can be used to make contactless mobile payments, and supports credit cards from Shinhan Card, KB Kookmin Card, BC Card, and Lotte Card.
- To reduce the dependence on cash for smaller-value transactions, the Bank of Korea (BOK) (the country’s central bank) launched the Coinless Society Project with a pilot in April 2017. This allowed merchants to transfer the remaining balance from the total payment value to a customer’s bank account or other electronic payment instrument (such as a prepaid card), instead of returning it as physical money. If successful this initiative will be expanded to include more merchants, helping to drive electronic payments.
Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to South Korea's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in South Korea's cards and payments industry.
- Assess the competitive dynamics in South Korea's cards and payments industry.
- Gain insights into marketing strategies used for various card types in South Korea.
- Gain insights into key regulations governing South Korea's cards and payments industry.
Companies Discussed are -
Amgen
Eli Lilly
Radius Health
UCB
Table of Contents
Market Overview
Executive Summary
Card-based Payments
E-commerce Payments
Alternative Payments
Payments Infrastructure & Regulation
Appendix
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
FAQs
The process usually includes collection and interpretation of market data by using statistical and analytical techniques to support the decision making process.
The report helps in identifying and tracking emerging players in the market and their portfolios, enhances decision making capabilities and helps to create effective counter strategies to gain competitive advantage.
Market research reports provide in-depth analysis about the market conditions and requirements for effective decision making.
The report provides a snapshot of the global market size, segmentation data, marketing growth strategies, market share, export and import information, analysis and forecast of market trends, competition, domestic production, best sales prospects, statistical data, tariffs, regulations, distribution and business practices, end-user analysis, contact points and more.
These research reports include information about competitive strategies, solutions, fact-based research, key takeaways, recommendations, market considerations, emerging business models and market opportunities for multiple segments of an industry.
Market research reports assist in solving business problems and making better decisions to improve business as per the prevalent market trends.
Any person who has the capacity to make decisions for the business must buy the reports. These reports help management in decision making process. Market research helps person to obtain market information from different sources, and in multiple formats. It aims to study supply and demand, analyze data as per geography, age factors, demography, technology, product, psychographic & gender differences, and many other parameters. Access to in-depth market trends helps person to assess the market effectiveness. Some of the multiple techniques used for market research include customer analysis, choice modeling, competition and risk analysis, product research, advertising the research, marketing mix modeling, simulated test marketing, and more.
Market research studies several features of business environment, such as competitors, market structure, government regulations, economic trends, technological advances and financial analysis of companies, industries, and sectors. This helps person in the decision-making process of planning and implementing strategies for their markets.
1. Choose a topic.
2. Make skeleton catalogue.
3. Fill content. As for report content, there are two main information source, Primary and Secondary data collection. Secondary data collectionrefers to information searched from the Internet or data bought from database. Primary data collection refers to information concluded from telephone interview, face-to-face interview, expert’s interview, meeting etc.
4. Audit the report
5. Publish the report.
With regard to information cost, information searching costs the least, database support the second least, and telephone interview the third least. Face-face interview cost higher, in-depth interview much higher and expert interview the highest. A research may adopt all of these approaches, or just some of them.
In general, a good-quality research report needs 1-3 months to be finished. Time and method varies according to different Publishers. Thus, it’s difficult to define an exact procedure or process of making research report. Both time and cost vary. However, specialization has become a basic industry standard. Professional and dedicated products will be more and more popular.
There may be exceptions to this if you place order on a non-working day specifically because our publisher partners are located all over the globe. In case of physical delivery report will be couriered to you within 3 working days from the date of the receipt of payment and delivery time will differ based on your location
Why Us
In-depth database
Our Report’s database covers almost all topics of all regions over the Globe..
Recognised publishing sources
Tie ups with top publishers around the globe.
Customer Support
Complete pre and post sales support.
Safe & Secure
Complete secure payment process.