Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Last year, the use of simple payment services was calculated to be KRW 875.5 billion. This is the highest ever. The influx of Apple Pay, which launched last year, has expanded the share of mobile phone manufacturers.

According to the ‘Status of e-Payment Service Use in 2023’ announced by the Bank of Korea on the 18th, the average daily use of simple payment services last year was KRW 875.5 billion and 27.35 million cases, up 15% and 13.4%, respectively.

By provider, e-finance companies accounted for 48.9% of the total amount of payments, while mobile phone manufacturers, including LG Pay, Samsung Pay, and Apple Pay, accounted for 25.6%, an increase of 1.3% points year-on-year.

As of the end of last year, there were 38 e-finance companies, 3 mobile phone manufacturers, 9 card companies, and 7 banks that provide easy payment and money transfer services. Although there are only three mobile phone manufacturers, their share is higher than that of financial companies and the growth rate is steady.

For e-finance companies, the share of prepaid payments continued to expand. From 29.4% in 2021, it increased to 31.2% in 2022 and 32.8% in 2023.

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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