Gitnux/Report 2026

South Korea Credit Card Industry Statistics

72% of South Koreans use credit cards for online shopping—discover what’s driving this shift, plus the market size behind the surge in 2023.
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South Korea Credit Card Industry Statistics
Alexander SchmidtWritten by Alexander Schmidt·Edited by Thomas Lindqvist·Fact-checked by Jonathan Hale
Last verified Jul 16, 2026
Verified via a 4-step process
01Source

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

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Figures are graded by cross-model consensus. Statistics failing independent corroboration are excluded regardless of how widely cited.

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Next review Jan 2027
Credit card use in South Korea is spreading—from 68.4% of adults holding at least one card in 2023 to rising ownership among seniors (65+) to 41.7%. The market is also seeing heavy everyday activity, with 8.47 billion purchases in 2023 and installment spending reaching 32.4% of total value. We’ll connect these adoption and spending patterns to key policy and security changes shaping how people pay.

Key Takeaways

  • In 2023, 68.4% of South Korean adults held at least one credit card, up from 65.2% in 2021
  • Average monthly credit card usage frequency among South Koreans aged 20-39 was 25.3 times in 2023
  • 72% of South Korean consumers prefer credit cards for online shopping, compared to 18% for debit cards in 2023 survey
  • KB Kookmin Card held 24.7% market share by issuance volume in South Korea 2023
  • Shinhan Card commanded 22.1% of credit card transaction value in South Korea in 2023
  • Hyundai Card's market share by number of cards issued was 18.9% in South Korea 2022
  • In 2023, South Korea's credit card market revenue reached approximately 45.2 trillion KRW from interest income alone, representing a 7.8% year-over-year growth
  • The total outstanding credit card balances in South Korea as of Q4 2023 stood at 112.4 trillion KRW, up 4.2% from the previous year
  • Credit card issuance volume in South Korea hit 132.5 million cards in 2022, with a penetration rate of 2.57 cards per adult
  • South Korea's Financial Services Commission mandated open banking APIs for credit cards in 2021, boosting integration
  • Interest rate cap on credit card revolving balances set at 20% annually by FSC in 2023 revision
  • Biometric authentication mandatory for online credit card transactions over 30,000 KRW since 2022
  • Total credit card purchase transactions in South Korea numbered 8.47 billion in 2023
  • Average transaction value for credit cards in South Korea was 124,700 KRW in 2023
  • Installment credit card transactions accounted for 342 trillion KRW or 32.4% of total volume in 2023

In 2023, South Korea’s credit cards kept growing as online use and spending surged, supported by rising adoption and strong revenues.

Related reading

01 · Category

Consumer Adoption & Usage18 stats

01
In 2023, 68.4% of South Korean adults held at least one credit card, up from 65.2% in 2021
02
Average monthly credit card usage frequency among South Koreans aged 20-39 was 25.3 times in 2023
03
72% of South Korean consumers prefer credit cards for online shopping, compared to 18% for debit cards in 2023 survey
04
Credit card ownership among South Korean seniors (65+) rose to 41.7% in 2023 from 35.4% in 2020
05
55.2% of South Korean households used credit cards for daily expenses averaging 1.2 million KRW monthly in 2023
06
Female South Koreans accounted for 52.3% of total credit card spending volume in 2023
07
81% of millennials in South Korea use credit cards for travel rewards, per 2023 consumer survey
08
Average credit limit per card in South Korea increased to 8.7 million KRW in 2023 for prime customers
09
64.5% of South Koreans pay credit card bills in full each month to avoid interest in 2023
10
Urban dwellers in Seoul use credit cards 1.8 times more frequently than rural residents in 2023 data
11
Credit card activation rate among new issuances in South Korea was 92.3% within 30 days in 2023
12
47% of Gen Z South Koreans (born 1997-2012) applied for their first credit card via mobile apps in 2023
13
Loyalty program participation rate among credit card users in South Korea reached 76.8% in 2023
14
Average age of primary credit card holder in South Korea is 42.1 years as of 2023 statistics
15
33.2% of credit card users in South Korea revolve balances monthly, averaging 1.5 million KRW debt in 2023
16
Total cards per capita expected to rise to 2.8 by 2025 from 2.57 in 2023
17
Mobile app-based credit card management users to hit 85% by 2026
18
Sustainability-linked credit card adoption projected at 15% by 2027
Interpretation

Consumer Adoption & Usage Interpretation

South Korea’s consumer adoption of credit cards is steadily widening, with card ownership rising from 65.2% in 2021 to 68.4% in 2023 and seniors up to 41.7% in 2023, showing growing mainstream usage across age groups.

02 · Category

Market Players & Shares15 stats

01
KB Kookmin Card held 24.7% market share by issuance volume in South Korea 2023
02
Shinhan Card commanded 22.1% of credit card transaction value in South Korea in 2023
03
Hyundai Card's market share by number of cards issued was 18.9% in South Korea 2022
04
Lotte Card captured 12.4% of the installment credit card market share in South Korea 2023
05
Samsung Card's revenue from credit cards grew 9.2% YoY to 4.1 trillion KRW in 2023, holding 10.8% share
06
NH Farmer's Card had 6.3% market share in rural credit card issuances in South Korea 2023
07
BC Card, as a network, processed 31% of all credit card transactions in South Korea 2023
08
Hana Card's delinquency management led to lowest NPL ratio of 1.8% among top issuers in 2023
09
Top 5 credit card companies control 85.2% of the South Korean market by transaction volume in 2023
10
Citibank Korea's premium credit card segment share was 4.7% in high-income brackets 2023
11
Woori Card expanded to 8.1% market share through digital issuance in 2023
12
New entrants like Toss Card captured 1.2% market share in fintech credit cards by end-2023
13
Visa network share in South Korean credit cards was 28.4%, Mastercard 24.6% in 2023 POS data
14
KB Financial's credit card subsidiary targets 28% share by 2026 through mergers
15
Shinhan Card plans 15% transaction growth via embedded finance by 2025
Interpretation

Market Players & Shares Interpretation

South Korea’s market leaders remain strongly concentrated, with KB Kookmin Card leading by issuance volume at 24.7% in 2023 and Shinhan Card taking the top spot in transaction value at 22.1%, while other major players such as Hyundai Card at 18.9% by cards issued in 2022 and Samsung Card holding a 10.8% share after growing revenue 9.2% YoY in 2023 show how share is still tightly held across different market measures.

03 · Category

Market Size & Growth13 stats

01
In 2023, South Korea's credit card market revenue reached approximately 45.2 trillion KRW from interest income alone, representing a 7.8% year-over-year growth
02
The total outstanding credit card balances in South Korea as of Q4 2023 stood at 112.4 trillion KRW, up 4.2% from the previous year
03
Credit card issuance volume in South Korea hit 132.5 million cards in 2022, with a penetration rate of 2.57 cards per adult
04
The credit card market in South Korea grew at a CAGR of 5.6% from 2018 to 2023, driven by digital payment adoption
05
In 2023, non-interest income from credit cards in South Korea amounted to 28.7 trillion KRW, accounting for 38% of total card company revenues
06
South Korea's credit card delinquency rate dropped to 2.1% in 2023 from 2.8% in 2022 due to economic recovery
07
Total credit card spending in South Korea reached 1,056 trillion KRW in 2022, a 12.3% increase YoY
08
The average annual credit card spending per cardholder in South Korea was 7.98 million KRW in 2023
09
Credit card market share of installment payments in South Korea was 45% of total transactions in 2023
10
Projected credit card market growth in South Korea to hit 1,200 trillion KRW transaction volume by 2025 at 6.2% CAGR
11
Delinquency rates projected to stabilize at 1.8% by 2026 with AI risk management
12
Overseas spending via credit cards to surge 22% annually to 25 trillion KRW by 2025
13
Premium credit card segment growth at 11.4% CAGR to 2027 in South Korea
Interpretation

Market Size & Growth Interpretation

South Korea’s credit card industry is expanding steadily with a 5.6% CAGR from 2018 to 2023 and 45.2 trillion KRW in interest income in 2023, alongside rising outstanding balances of 112.4 trillion KRW, showing sustained market growth under the Market Size and Growth category.

More related reading

04 · Category

Regulations & Innovations18 stats

01
South Korea's Financial Services Commission mandated open banking APIs for credit cards in 2021, boosting integration
02
Interest rate cap on credit card revolving balances set at 20% annually by FSC in 2023 revision
03
Biometric authentication mandatory for online credit card transactions over 30,000 KRW since 2022
04
Credit card data breach reporting deadline shortened to 24 hours under 2023 Personal Information Protection Act
05
FSC approved virtual asset-linked credit card rewards in 2023 for select issuers
06
BNPL (Buy Now Pay Later) credit card products regulated under installment caps since 2022
07
AI-driven credit scoring models approved for 15 major issuers by FSS in 2023
08
Zero-interest installment promotions limited to 12 months max by FSC guidelines 2023
09
Contactless credit card limit raised to 100,000 KRW per transaction in 2023 regulation update
10
45% of new credit cards issued with embedded NFC chips for mobile wallet integration in 2023
11
Tokenization adoption in credit cards reached 78% for Apple Pay/Google Pay in South Korea 2023
12
Blockchain-based credit card loyalty points piloted by Shinhan Card, processing 1.2 million txns in 2023
13
AI fraud detection systems reduced false positives by 34% across issuers in 2023 per FSS report
14
Open banking platforms integrated credit card data for 12 million users by end-2023
15
Digital-only credit cards like Kakao Card issued 5.2 million units with QR tech in 2023
16
South Korea's credit card market projected to grow at 7.1% CAGR to 1,450 trillion KRW by 2028
17
Fintech credit card penetration expected to reach 25% of total issuances by 2027 in South Korea
18
Credit card contactless payments forecasted to comprise 65% of transactions by 2025
Interpretation

Regulations & Innovations Interpretation

South Korea is tightening and modernizing credit card regulation at the same time, from a 20% annual cap on revolving interest and a 24 hour data breach reporting deadline to mandatory biometric checks over 30,000 KRW and open banking APIs from 2021.

05 · Category

Transaction Volumes & Values15 stats

01
Total credit card purchase transactions in South Korea numbered 8.47 billion in 2023
02
Average transaction value for credit cards in South Korea was 124,700 KRW in 2023
03
Installment credit card transactions accounted for 342 trillion KRW or 32.4% of total volume in 2023
04
Overseas credit card spending by South Koreans reached 15.6 trillion KRW in 2023, up 45% YoY
05
Mobile credit card payments via NFC grew to 2.12 billion transactions in South Korea 2023
06
Cash advance transactions on credit cards totaled 18.9 trillion KRW in South Korea 2023
07
E-commerce credit card transactions volume hit 456 trillion KRW, 43% of total retail in 2023
08
Peak daily credit card transactions in South Korea during Chuseok 2023 exceeded 45 million
09
Credit card rewards redemption value reached 7.2 trillion KRW in South Korea 2023
10
Fraud losses from credit card transactions in South Korea were 0.12% of total volume or 1.27 trillion KRW in 2023
11
QR code linked credit card payments surged 89% to 156 million transactions in 2023
12
Department store credit card spending averaged 2.3 million KRW per user annually in 2023
13
Credit card interest-bearing loans outstanding were 89.4 trillion KRW in Q4 2023
14
Transaction volume expected to exceed 10 billion annually by 2025 in South Korea
15
E-commerce credit card share to reach 55% of total by 2027
Interpretation

Transaction Volumes & Values Interpretation

In South Korea’s credit card Transaction Volumes & Values landscape, purchase spending remains massive at 8.47 billion transactions in 2023 while installment payments alone reached 342 trillion KRW, making up 32.4% of total value.
Reference

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APA
Alexander Schmidt. (2026, February 13). South Korea Credit Card Industry Statistics. Gitnux. https://gitnux.org/south-korea-credit-card-industry-statistics
MLA
Alexander Schmidt. "South Korea Credit Card Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/south-korea-credit-card-industry-statistics.
Chicago
Alexander Schmidt. 2026. "South Korea Credit Card Industry Statistics." Gitnux. https://gitnux.org/south-korea-credit-card-industry-statistics.

Sources & references

32 datasets cited across this report · attribution is report-level

bok.or.krfsb.or.krstatista.commordorintelligence.comkif.re.krfss.or.krkostat.go.krkcc.or.krpwc.comnielsen.comkca.go.krindex.go.krdeloitte.commckinsey.comsamsungcard.comnonghyup.comeng.bccard.comhanacard.co.krcitibank.co.krwooricard.comtoss.imthepaymentscouncil.orgnews.kbs.co.krfsc.go.krkisa.or.krpipc.go.krgpwallet.krshinhancard.comkakaopay.commarketsandmarkets.comkbfg.comshinhan.com