Delhi, India (PressExposure) May 13, 2009 -- With the enhancement of various benefits and the expansion of scope available for settlements, the number of check cards in South Korea is forecasted to grow at a CAGR of over 36% between 2009 and 2013, according to our new research report titled âSouth Korean Payment Card Marketâ.
The sharp rise will chiefly be attributed to the fact that the use of check cards is possible 24 hours a day at merchants, very longer hours than debit cards. Secondly, deposit holders even aged over 14 are entitled to use check cards, regardless of their credit status, and check card holders can get additional services according to use such as the accumulation of points.
Our analysts also believe that the ongoing gloomy economic environment will not have any negative impact on the check cards. In fact, the environment will stimulate growth in such cards as they have comparatively less delinquency risk involved to issuers. However, the growth rate of other cards like credit cards may be adversely affected by recession. Issuers are hesitating in issuing new credit cards due to the fear of bad debts.
Our findings also indicate that the card (including all kinds of cards) penetration in South Korea is quite high. It is second the highest in the world after the United States. Each South Korean holds on an average of 3.8 cards, which is quite high as compared to other emerging markets in the world.
âSouth Korean Payment Card Marketâ provides an extensive research and in-depth analysis of the South Korean payment card market. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players, expected future outlook and all the other factors which are critical for the success of a new entrant in the South Korean payment card market.
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