Credit Card Spending Up in South Korea

Delhi, India (PressExposure) June 04, 2009 -- According to “South Korean Payment Card Market”, a recent study from RNCOS, a leading research firm, average daily use of credit cards in South Korea is projected to grow at a CAGR of about 10.5% between 2009 and 2013. Given convenience, tax benefits and perks such as reward points and discounts, credit cards will remain the preferred payment mode in the country in the coming years.

As per our research, the country has become one of the most credit card friendly countries in the world. The credit card usage in the country has expanded rapidly over the past few years. In 2008, the use of credit cards increased significantly both in terms of value and volume, as individual customers stepped up their use of credit cards sharply while purchasing goods and services. Daily use of credit cards grew by over 12.5% in 2008 against 2007.

Credit cards in South Korea are mainly used for personal purchases. However, corporate purchases on credits cards also recorded impressive growth. Moreover, the use of cash advance services also increased slightly last year (2008), unlike the trend observed in 2007, as individual customers' demand for urgently needed funds increased. It accounted for about 20% of the total credit card usage in the country.

We also expect the usage of credit cards in the country to rise as the government is compelling every self-owned business to accept cards in the coming years. The move of government will spur the demand as well as the use of credit cards in the South Korea.

The report “South Korean Payment Card Market” provides extensive research and in-depth analysis on the payment card market in South Korea. 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 in the concerned market. It also includes the prospective customer base, key players, expected future outlook and all the other factors which are critical to the success of a new entrant in the South Korea’s payment card market.

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About RNCOS E-Services Pvt. Ltd.

RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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Press Release Submitted On: June 04, 2009 at 4:38 am
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