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Credit Cards in South Korea
As at 31st December 2010, there are 116,586,000 credit cards issued in South Korea(2.39 cards per capita), an increase of 9,597,000 or 8.97% compares to 106,989,000 in 2009.
78,640,000 cards are issued by bank-affiliated institutions(73,689,000 personal credit cards and 4,940,000 corporate credit cards), while the rest 37,946,000 cards are issued by
nonbank-affiliated institutions(37,335,000 personal cards and 611,000 corporate credit cards). Personal credit cards made up 95.24% or 111,033,000 of total cards issued, with the
balance 5,552,000 made up of corporate credit cards.
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Total Credit Card Usage in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 4,694,000 or 22.18% from 16,466,000 at the end of 2009 to 21,160,000(14,559,000 bank-affiliated and 6,601,000 nonbank-affiliated) at the end of 2010.
For 2010, there are 5.81 billions of credit card transactions in South Korea(118.87 transactions per capita), a significant increase of 934.73 millions or 19.15% compares to 4.88 billions in 2009.
The growth rate of credit card transactions is in accordance to the increase in number of credit cards issued in the same period. Personal credit cards recorded 5.39 billions
transactions(92.77% of total transactions), while corporate credit cards recorded 422.50 millions transactions.
Out of the 5.39 billions transactions recorded for personal credit cards, lump sum purchases made up of 4.94 billions transactions(increased by 860 millions or 21.08% compares to 2009), installment purchases made up of
315.37 millions transactions(increased by 33.76 millions or 11.99% compares to 2009) and cash advances made up of 138.80 millions(decreased by 6.93 millions or 4.76% compares to 2009)
The total credit card transactions for 2010 is KRW493.74 trillions in value(KRW10.10 millions per capita), an increase of KRW27.38 trillions or 5.87% compares to KRW466.36 trillions in 2009.
This growth is slower compares to the 8.97% increase in number of credit cards issued and 19.15% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW95,566 in 2009 to KRW84,981 per credit card transaction in 2010.
Personal credit cards recorded KRW369.70 trillions in value(74.88% of total value), while corporate credit cards recorded KRW124.03 trillions(decreased by KRW7.11 trillions or 5.38% compares to 2009) in values.
Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 25% of the total transactions value.
Out of the KRW369.70 trillions recorded for personal credit cards(increased by KRW35.48 trillions or 10.62% compares to 2009), lump sum purchases made up of KRW211.35 trillions(increased by KRW25.67 trillions or 13.82% compares to 2009),
installment purchases made up of KRW76.72 66.73 trillions(increased by KRW9.99 trillions or 14.97% compares to 2009) and cash advances made up of KRW81.64 trillions(decreased by KRW0.17 trillions or 0.21% compares to 2009).
Credit Cards in South Korea 2008-2009
As at 31st December 2009, there are 106,989,000 credit cards issued in South Korea(2.21 cards per capita), an increase of 10,754,000 or 11.17% compares to 96,235,000 in 2008.
73,389,000 cards are issued by bank-affiliated institutions(69,260,000 personal credit cards and 4,129,000 corporate credit cards), while the rest 33,600,000 cards are issued by
nonbank-affiliated institutions(32,991,000 personal cards and 609,000 corporate credit cards). Personal credit cards made up 95.57% or 102,251,000 of total cards issued, with the
balance 4,738,000 made up of corporate credit cards.
Total Credit Card Usage in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 1,030,000 or 6.67% from 15,436,000 at the end of 2008 to 16,466,000(9,760,000 bank-affiliated and 6,707,000 nonbank-affiliated) at the end of 2009.
For 2009, there are 4.88 billions of credit card transactions in South Korea(100.97 transactions per capita), a significant increase of 732.68 millions or 17.66% compares to 4.15 billions in 2008.
The growth rate of credit card transactions is in accordance to the increase in number of credit cards issued in the same period. Personal credit cards recorded 4.51 billions
transactions(92.42% of total transactions), while corporate credit cards recorded 373.46 millions transactions.
Out of the 4.51 billions transactions recorded for personal credit cards, lump sum purchases made up of 4.08 billions transactions(increased by 710 millions or 22.06% compares to 2008), installment purchases made up of
281.61 millions transactions(decreased by 25.31 millions or 8.25% compares to 2008) and cash advances made up of 145.73 millions(decreased by 21.03 millions or 12.61% compares to 2008)
The total credit card transactions for 2009 is KRW466.36 trillions in value(KRW9.65 millions per capita), an increase of KRW9.94 trillions or 2.18% compares to KRW456.42 trillions in 2008.
This growth is slow compares to the higher increase in number of credit cards issued and credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW109,981 in 2008 to KRW95,566 per credit card transaction in 2009.
Personal credit cards recorded KRW334.22 trillions in value(71.67% of total value), while corporate credit cards recorded KRW132.14 trillions(decreased by KRW5.12 trillions or 3.79% compares to 2008) in values.
Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 29% of the total transactions value.
Out of the KRW334.22 trillions recorded for personal credit cards(increased by KRW15.15 trillions or 4.75% compares to 2008), lump sum purchases made up of KRW185.68 trillions(increased by KRW21.48 trillions or 13.08% compares to 2008),
installment purchases made up of KRW66.73 trillions(increased by KRW0.84 trillions or 1.27% compares to 2008) and cash advances made up of KRW81.81 trillions(decreased by KRW7.17 trillions or 8.06% compares to 2008). It is
interesting to note that even though there is a 8.25% decrease in installment purchases transactions volume, a 1.27% growth recorded in transactions value. This means the installment purchases value per credit card transaction increase significantly.
South Korea Credit Cards 2007-2008 Statistics
As at 31st December 2008, there are 96,235,000 credit cards issued in South Korea(1.98 cards per capita), an increase of 7,464,000 or 8.41% compares to 88,771,000 2007.
66,978,000 cards are issued by bank-affiliated institutions, while the rest 29,257,000 cards are issued by nonbank-affiliated institutions. Personal credit cards made up
95.54% or 91,941,000 of total cards issued, with the balance 4,294,000 made up of corporate credit cards.
South Korea credit card market has grown rapidly over the past few years with the government tax benefits and card issuers aggressive marketing. The credit card market
continues to expand in 2009 where the number of cards issued surpass 100 millions mark(100,269,000) in June 2009. As of September 2009, there are 103,727,000 credit cards
(71,946,000 by bank-affiliated and 31,781,000 by nonbank-affiliated; 99,083,000 personal credit cards and 4,643,000 corporate credit cards) issued in South Korea, a 7.79% or
7,492,000 growth in 9 months period. The figure shows recent global financial crisis does not affect the credit card issuance in South Korea.
Total Credit Card Usage in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 704,000 or 4.78% from 14,732,000 at the end of 2007 to 15,436,000(9,085,000 bank-affiliated and 6,351,000 nonbank-affiliated) at the end of 2008.
At end of September 2009, there are 16,184,000(9,568,000 bank-affiliated and 6,616,000 nonbank-affiliated) merchants accepting credit cards, a 4.85% or 748,000 growth in 9 months period.
For 2008, there are 4.15 billions of credit card transactions in South Korea(85.33 transactions per capita), a significant increase of 674.93 millions or 19.44% compares to 3.47 billions in 2007.
Even though the number of credit cards issued increased by 8.41% in 2008, the growth rate of credit card transactions has double fold to 19.44% in the same period. Personal credit cards recorded 3.84 billions
transactions(92.53% of total transactions), while corporate credit cards recorded 303.94 millions transactions. For nine months ended 2009, there are 3.59 billions of credit card transactions.
Out of the 3.84 billions transactions recorded for personal credit cards, lump sum purchases made up of 3.37 billions transactions(increased by 611 millions or 22.15% compares to 2007), installment purchases made up of
306.92 millions transactions(increased by 480 thousands or 0.16% compares to 2007) and cash advances made up of 166.76 millions(increased by 11.59 millions or 7.47% compares to 2007)
The total credit card transactions for 2008 is KRW456.42 trillions in value(KRW9.39 millions per capita), an increase of KRW52.79 trillions or 13.08% compares to KRW403.63 trillions in 2007.
This growth is inline with the increase in number of credit cards issued and credit cards transactions volume. This also translates into KRW110,149 per credit card transaction, a smaller amount compares to KRW116,237 in 2007.
Personal credit cards recorded KRW319.07 trillions in value(69.91% of total value), while corporate credit cards recorded KRW137.35 trillions(increased by KRW20.54 trillions or 17.59% compares to 2007) in values.
Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 30% of the total transactions value. For nine months ended 2009, there are KRW343.25 trillions of credit card transactions recorded.
Out of the KRW319.07 trillions recorded for personal credit cards(increased by KRW32.25 trillions or 11.24% compares to 2007), lump sum purchases made up of KRW164.20 trillions(increased by KRW21.52 trillions or 15.08% compares to 2007),
installment purchases made up of KRW65.89 trillions(increased by KRW7.73 trillions or 13.30% compares to 2007) and cash advances made up of KRW88.98 trillions(increased by KRW3 trillions or 3.49% compares to 2007). It is
interesting to note that even though there is only 0.16% increase in installment purchases transactions volume, there is a high growth rate of 13.30% in transactions value.
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