South Korea: The Value of Mobile Payment Transactions to More Than Double in 2018

South Korea’s financial regulator expects the value of mobile payment transactions to more than double in 2018 to KRW27.9 trillion ($25 billion). The Financial Supervisory Service told JoongAng Daily the value of transactions hit KRW11.6 trillion in the first five months of 2018, almost equal to the KRW12 trillion-worth of transactions recorded in 2017 as a whole.

Korea’s mobile payments market is dominated by two companies, Toss and Kakao Pay, with an estimated combined market share of 95 percent by transaction figures from the end of May 2018. The brands each count huge international payment giants among their backers.