South Korea Card Payments to Hit $1 Trillion by 2025
A GlobalData report forecasts South Korea card payments to process KRW 1.4 quadrillion (US$1 trillion) in 2025, marking a 3.8% increase over 2024. Between 2020 and 2024, the payment card market grew at a 7.8% CAGR, slowing to 3.6% over the next five years. South Korea card payments are driven by POS-terminal usage, digital wallets, QR and barcode transactions, and contactless options. Nearly 80% of Gen Z and millennials prefer digital payments as cash usage falls. Government initiatives, such as contactless bus fares on Jeju Island, support this shift. Meanwhile, digital assets trading volumes surpassed stock market volumes in 2024. South Korea has lifted an eight-year ban on corporate digital asset sales, and the Bank of Korea is working on stablecoin regulation. These trends underline expanding consumer adoption and a maturing payment infrastructure ahead of broader digital finance integration.
Bullish
The growth in South Korea card payments and rising digital asset volumes signal stronger consumer adoption of digital finance. The lifting of corporate digital asset sale bans and pending stablecoin regulation provide a clear framework for market expansion. Historically, increased payment infrastructure adoption and regulatory clarity have driven higher trading volumes and investor confidence, leading to bullish crypto market behavior. In the short term, traders may see elevated transaction volumes and volatility as new participants enter the market. Long term, improved infrastructure and stablecoin oversight support sustained growth and market maturity.