Smart Pay in South Korea
South Korea’s payments market faced a turning point in 2015 with the emergence of smart pay, a simplified form of mobile payments made using smartphones.
In the report Smart Pay in South Korea, Celent reviews the status of the South Korean smart pay market and forecasts future trends. Conventional online payments have been complicated, requiring users to input a number of items. However, the advent of smart pay has made it possible for users to input their card information once and, thereafter, make payments merely by inputting their password.
Moreover, this payment function is not limited to online use; some versions are capable of being used to make payments offline. All indications are that smart pay will have a massive impact on the nation’s payments market.
More than 90% of survey respondents said they knew of smart pay; more than 50% had used it.
“At the moment, smart pay providers have their sights on specific demographics,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services practice and author of the report. “However, each smart pay firm is also looking to expand its customer base. If smart pay providers have not clearly articulated their purpose and carved out a market space, then they risk being swept away in the maelstrom.”
This 18-page report includes one table and five figures.