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Korea is the third-largest retail ecommerce market in Asia Pacific after China and Japan. We opened Shop online November 2021,You can buy in Korea many payment methods, it has the highest credit card penetration in the world, and the average South Korean shopper has five credit cards, compared to two in the US. 80% of the population owns a smartphone and 44% uses it for shopping
Most local cards are co-branded with Visa and Mastercard. They do not longer requires a market-specific authentication process, but it can still take longer than expected to migrate off ActiveX authentication services.
Payment Methods in Korea
1- Visa :Visa is the largest global card network in the world by transaction value, ubiquitous worldwide. Visa positions itself as 'the best way to pay and be paid for everyone
* Accept Visa debit and credit cards online, in store and in-app
* Support for one-click payments when shopper stores card details
* Offer Visa Secure for additional security through 3D Secure
* Benefit from Adyen Acquiring for full data and performance insights
* Support Visa debit and credit cards on a fully certified point of sale terminal, with Chip and Signature, Chip and PIN, or contactless authentication
* Use Account Updater, to update card details after expiry
* Accept Visa cards in Google Pay and Apple Pay
2- KakaoPay : Part of Ant Financial OSP, KakaoPay is an e-wallet within Kakao Talk, South Korea's most downloaded app in the Apple and Google Play store. KakaoPay lets users safely make cashless payments for everyday usage, whether online or in-store. It also offers users the option to manage their investments, and cross border P2P mobile remittance in-app.
* Ease of payment, ease of mind: Koreans top choice for easy payments (used by 93% of smart phone users) stable platform and most trusted
* One integration: part of the Ant Financial OSP offering
* No local entity required
* Part of Ant Financial OSP wallets
3- Bank transfer
Bank transfer (or wire transfer) is a payment method that allows consumers to transfer money to a bank account around the world. The consumer is provided with a unique reference number and details of the bank account where they can make their payment.
can be redeemed in full or in part only for goods
should be treated as cash and if lost or stolen will not be replaced or refunded;
cannot be redeemed for cash or used to purchase Gift Vouchers or other tender;
cannot be exchanged, refunded or reloaded;
cannot be redeemed
* expire 36 months after the date of issue and any unused balance will not be paid out or credited.
Mobiamo is a mobile SMS payment method which connects you to over 240 mobile network operators. You can build your own mobile payment experience into your application by integrating it.
Mobiamo provides the best checkout that allows your customers to pay using 40 mobile operators in Korea
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