Other browsers were not available due to incompatability with their protective solution, Active X.Īccording to various studies and estimates, this restriction results in approximately a 20% reduction in conversion overall. Until recently, South Koreans could only pay for goods online through Internet Explorer. New Payment Methods and Rejection of Active X The amount can be replenished on the card directly and T-money boasts several types of their product including miniature and durable plastic key-chains which you can attach onto the phone for convenience. However, they can also be used to pay for goods in certain games and at conventional retail stores.
The T-money card is used to pay for transportation primarily including: buses, taxis, and subways. Considered a very convenient authentication method.
After doing so, the customer receives a phone call shortly after and, after confirmation, the money is then deducted from the mobile account. If a customer wants to purchase any virtual goods, he must enter their phone number in the right field as well as their ARS code. Every resident of South Korea has a special issued identifying number from the ARS. If you are over the age but still unable to receive a bank issued credit card, you can pay for digital goods and services using charged cards such as Teencash. Alternative Payment Methodsģ0-40% of the market is occupied by South Korea's alternative methods of payment.Among them are the following tools:Īlternative payment methods make up 30-40% of South Korea's market and among the most popular tools include: TeencashĪs the name implicates, Teencash is a special card for young people because in South Korea, not everyone is eligible to receive a credit card (various reasons i.e. When you pay with a credit card online, the network user's information is sent to and through external sites whether it be through the aggregator or the bank. In South Korea's card solution however, it does not offer the same opportunities.
Typically in most countries around the world, you can get a "white-label solution," implying that the payment will not be redirected to another page. Payments using credit cards online in South Korea has a number of important differences. Each company that offers such credit cards put forward certain conditions and, in most cases, are willing to work directly with the game although working with foreign projects has been proven to be extremely difficult. South Koreans, historically, have been known to frequent credit cards and credit opportunities at affordable rates. Powerful local corporations essentially control the 10+ major banks within South Korea and for any large corporation (whether its Samsung or Hyundai), they have their own bank and card. The payment systems market in South Korea is strictly regulated by law and bureaucratic institutions.Ĭredit cards occupy about 60-70% of the market and is thus the largest payment channel in South Korea. To learn more about the state of the Korean market, follow this link. The grandiose influence of local entertainment products and games to neighboring countries in Asia is what makes Korea stand out, especially after it was confirmed by studies conducted by the European Union. There has been a growing tendency for an increase in focus on the mobile segment within the country at the cost of a reduction in the share of PC/Mac games but even so, Korea remains one of the most attractive Asian gaming markets. Since 2008, the country's gaming market grew annually by about 12% per year. South Korea boasts one of the largest markets for online entertainment and mobile games with almost 1/3 of the population actively playing. Xsolla studied the current state of the payment market in South Korea as well as the changes in regulation which are happening within Korea's online payment industry.
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