With South Korean government initiatives promoting cashless transactions, card usage continues to rise, marking an 8.8% increase in 1H23. As of May 2024, card transactions accounted for 75% of all consumer transactions, compared to 25% of non-card transactions, according to the Bank of Korea. Card data signals are highly effective in consumer sectors with a high volume of transactions, providing more timely insights than quarterly earnings reports. This is evident in South Korea, where card usage in retail has grown strongly in recent years. This report explores South Korean transactional datasets that can provide actionable insights for investors.

shift to online transactions and key trends

South Korea’s payment system is characterised by the increasing use of digital payment platforms. Digital payments are becoming highly popular even among small grocery stores, with QR codes rising above the surface. Conversely, the UK's payment system primarily relies on contactless card payments and traditional banking apps, leading to less integration of digital payment technologies in daily transactions.

This could mean South Korea may offer a richer transaction data source due to the diverse digital payment methods available compared to the UK.

Our South Korean ecommerce landscape intelligence piece details the shift in South Korean purchase behaviour to online purchases. In essence, total retail sales in South Korea increased to KRW177.4tn in 2023, up from KRW166.8tn, with online transactions accounting for 51% of the total retail sales.