Mobile payments across Globe

1. Mobile Payments
mobilereadiness.mastercard.com/southkorea
Readiness Index
SOUTH KOREA
Mobile Commerce Clusters Consumer Readiness
Environment Financial Services
39.7
Infrastructure Regulation
Country Score Index Average
SUMMARY
WHAT YOU NEED TO KNOW
South Korea’s score of 39.7 on m-commerce. South Korea performs well South Korea needs to improve the
the MasterCard Mobile Payments in the financial services and regulatory ease of doing business and financial
services affordability
Readiness Index demonstrates the realms. It could enhance its performance
importance of partnerships and in areas like ease of doing business and Partnerships with regional mobile payments
players like NTT docomo are good for long-
consumer readiness for mobile improving efficiencies in the legal system term viability
payments adoption. Consumers are that, if strengthened, could accelerate
Consumers use m-commerce (18%)
willing and are currently using mobile mainstream adoption of mobile and P2P (14%) more often than POS
payments (6%)
phones for both P2P payments and payments.
COUNTRY OVERVIEW
Market Forces AFFORDABILITY OF
FINANCIAL SERVICES
The partnerships being developed fostering cross-border mobile payments.
South Korea
among South Korean banks and To supplement an eager consumer base
mobile network operators suggest and growing partnerships, South Korea
Index Average
that the country is committed to needs to invest in some other areas that
mobile payments’ long-term growth. will accelerate the adoption of mobile
Partnerships also include regional players, payments. 0% 20% 40% 60%
such as NTT docomo in Japan, focused on

2. Improving regulatory factors like ease of further encourage investment in the lay the foundation for better coordination
doing business and efficiency of dispute sector. Efforts to make financial services between banks and other members of the
resolution via the legal system could more affordable and competitive could mobile payments ecosystem.
Consumer Sentiment
Consumers in South Korea have banks and telecommunications firms, suggests that with some marketing and
shown themselves to be users and partners abroad, start to take root. consumer education efforts, and the
of mobile payments in both P2P improvements to the user experience
payments and m-commerce. Consumers in South Korea are that new technology brings, consumers
Currently, point-of-sale payments are more willing to use mobile phones could expand from m-commerce and
used less, but that may change as the at the point of sale than they are P2P into POS payments as well.
partnerships among South Korean familiar with the capability. This
GLOBAL PERSPECTIVE ON CONSUMER SENTIMENT IN SOUTH KOREA
100%
75%
50%
28% 18%
21% 9%
21% 21%
25% 18% 20% 19%
16% 17%
16% 14%
11% 8%
10%
6%
5%
0%
P2P POS m-comm P2P POS m-comm P2P POS m-comm
FAMILIAR WILLING USING
Country Score Index Average Leading Country Score
To view this data in more detail, visit mobilereadiness.mastercard.com/southkorea
MASTERCARD CONCLUSION
South Korea’s consumers are affordable. These advances could
SOUTH KOREA
currently using mobile payments allow for increased adoption of mobile
mainly to send money to each other payments at the point of sale. Closing
and for m-commerce. The existing some of these gaps can strengthen
structures for mobile payments can
be upgraded by improving the legal
South Korea’s burgeoning partnership
efforts to build mobile payments at
39.7
system’s dispute resolution capabilities scale, and put the country on firm IN
DE .2
X AVG 33
and by making financial services more footing for the future.
View Data Sources at mobilereadiness.mastercard.com/about
Mobile Payments
mobilereadiness.mastercard.com/southkorea
Readiness Index