Contactless Payments in South Korea

Strategic Issues, Key Players, and Market Forecasts

In this market update, ABI Research examines recent activity in South Korean contactless payment markets, particularly focusing on strategic issues, major players, and forecasting. Starting in 2006, Visa Wave and MasterCard PayPass began competing in the South Korean market. Starting in February, 2007, South Korean card companies can directly issue credit cards over the air. ABI Research believes that this signals the start of a period of growth for the South Korean contactless market.

This Research Brief is designed to provide readers with a high-level understanding of how the South Korean contactless market is evolving. It offers a level of detail and segmentation across environment and applications that makes it useful for focused or advanced contactless payment research, planning, and development efforts.

The report includes market forecasts for shipments and revenue by transponders, readers, and environment from 2006 to 2012. Other highlights include analyses of the current market landscape, transponder and reader adoption, merchants’ and issuers’ activities, mobile operators’ strategic approach for USIM (Universal Subscriber Identity Module) for payment devices, contactless credit cards on the mobile phone, market drivers. It also profiles leading South Korean market players and their competitiveness.