E-commerce projected to grow 20% in 2011 Korea’s B2B e-commerce market is maturing with still impressive growth figures of 20%. Both the average money spent (and the percentage of people shopping online is growing currently at 64.5% of the population. Fast Facts: - B2C E-commerce turnover 2010: 14,700 Billion Won - Credit cards by far most popular payment method and growing - Average time spent online: 14.7 hours per week - 13.3% used mobile devices for online purchases - Clothes/fashion and travel most popular industries - Large part of internet access is via cybercafes To see more White Papers, please go to the GlobalCollect Knowledge center: http://www.globalcollect.com/payment-service-provider/Knowledge-center/

1. Korea
E-commerce projected to grow 20% in 2011 General statistics 2011
Korea’s B2B e-commerce market is maturing with still impressive Population 48,754,000
growth figures of 20%. Both the average money spent (and the Currency Korean Won (KRW)
percentage of people shopping online is growing currently at 64.5% Major language Korean
of the population.
Capital Seoul
Fast Facts: Internet usage 2011
B2C E-commerce turnover 2010: 14,700 Billion Won Users (total) 39,350,000
Credit cards by far most popular payment method and growing Users broadband 91%
Average time spent online: 14.7 hours per week
Penetration 80%
13.3% used mobile devices for online purchases
Mobile subscribers 47,938,000
Clothes/fashion and travel most popular industries
% Users in Asia 10.4%
Large part of internet access is via cybercafes
GDP per capita US$: 30,000
Break-down online consumers Mode of Payment
B2C e-commerce by industry Monthly online spent

2. Success E-banking
E-banking was introduced to South Korea in 1999. By the start of 2003, about a third of the country’s
population used internet banking, second only to Sweden. People in their 30s made up the highest ercentage
of internet banking customers, with 38.9%, followed by those in their 20s with 31.6% and those in their 40s with
19.4%. Males represented a slight majority of internet banking customers at 54.7%.
According to the NIDA 2008 internet survey, 40% of all internet users over 12 years old were using
internet banking services. By age, those in the 20s and 30s bracket show relatively higher rates with
57.2% and 56.3% respectively. The monthly average for internet banking was 4.8 times per month.
By 2010, 42.3% of internet users aged 12 and above had used internet banking in the past year. In the
last month it had been used by 31.6% and 11.6% in the last week.
By age, those in the 20s and 30s bracket show relatively higher rates with 61.1% and 59.4% respectively. The
monthly average for internet banking was 4.9 times per month. Most internet banking users, 96.2% used a
computer while 9.2% used a mobile phone. The success of LG Telecom’s mobile phone banking (m-banking)
service named Bank On, led to LG Telecom partnerships with other banks and spurred the other mobile
operators to engage more in m-banking.
Payment preferences
Through credit card is the preferred payment, followed by real-time bank transfer the usage of mobile devices
to make online purchases shows strong growth.
Local entity requirement
In order to accept local payment methods a local entity is required.
Payment product spotlight
GlobalCollect’s Portfolio in Korea
International cards GlobalCollect supports MasterCard, Visa
Bank transfer GlobalCollect supports Local bank transfers
eWallet GlobalCollect supports PayPal
Local Cards Local cards support is being developed by GlobalCollect
Real-time bank transfer Realt-ime bank transfer is being developed by GlobalCollect the future’s list of GlobalCollect
Mobile The support for mobile is on the future’s list of GlobalCollect
Sources
KCC Data ||March 2011
Comscore || 2011
Buddecom || 2011
http://www.kostat.go.kr/ || November 2011
Internet WorldStats || September 2011
NIDA Survey || 2008
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