The coronacrisis measures have further accelerated e-commerce sales in South Korea
Most popular payment method in Korea unveiled. Source: unsplash.com
GlobalData reports that payment cards are accounting for 70.4% share in 2020, making them the most preferred payment method for e-commerce purchases in South Korea.
Meanwhile, alternative payment methods are gaining prominence among consumers and collectively account for a 16.8% share.
Besides, the country’s e-commerce market is estimated at $90.1 billion in 2020, registering an annual growth of 22.3%. This is expected to grow at a CAGR of 12.% reaching $141.8 billion in 2024.
As to online sales, food delivery services grew by 61.5%, household goods by 48.9%, while food and beverages increased by 39.4%.
The rise in e-commerce business is set to benefit the card companies as well as payment providers.
We’ve reported that Malaysia’s e-commerce market is forecasted to register a 24.7% growth in 2020. The market is expected to reach $12.6 billion by 2024, increasing at a compound annual growth rate of 14.3% between 2020 and 2024.
SEE ALSO:
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
