Impression of Korea—About mobile payment

? Two days ago, Chinese media reported that President Moon Jae-in was very interested in mobile payment while having breakfast, so I wanted to talk about South Korea’s payment methods.

? Almost everyone in South Korea uses a card. It is very convenient to swipe the card. You can swipe the card almost anywhere. Moreover, the card in Korea is called a check card, which does not require a password. You just need to sign after swiping the card. This kind of card is not a credit card, but a payment card bound to a passbook account. You can only use it if you have money in the passbook, but you can't use it if you don't have money.

? The payment environments in South Korea and China are different. In places where it is very convenient to swipe cards, there is not much difference between swiping a card or a mobile phone. The domestic credit card swiping environment is very inconvenient. Every time you swipe a card, you have to enter your password and cover it. The payment environment is very inconvenient, so there is an environment to promote mobile payment. Every time I return to China, I will find the convenience of payment. Tickets and air tickets can be paid with Alipay or WeChat. It is more convenient to pay for supermarket shopping. What I look forward to the most is that you can pay by mobile phone on the subway and on the bus, which is even better. It is said that some cities have already started paying by mobile phone, and I hope it can be implemented across the country. And I only need these two apps on my phone.

? Although South Korea also has mobile payment, there are very few users, and we have not seen much promotion of mobile payment. The recently launched KaKao PAY is a payment method similar to WeChat. It has been promoted in South Korea this year and is mainly used for payment transfers. Along with it is Kakao Bank. Because no specific data on the use of kakao for payment was found, the main evidence is missing.

? In today’s life, gas bills support kakao pay, which is one of the main channels for promotion, and then there is advertising. The advertising has been going on for more than half a year, but not much has changed in life. In supermarkets and department stores, I didn’t see anyone using kaokao pay when checking out at shopping malls and convenience stores. There was a customer who used kakao bank to transfer money. Although there are various payment methods, I found that many people like me still mainly use credit cards.

? When writing this article, I also searched online. The results were too little and lacked a lot of data. I feel that Koreans are not particularly interested in mobile payment methods. The picture below shows some mobile payment methods. The usage rate of payment methods in various fields. The article was published today. I don’t know which one is ranked first. The second place is Samsung Pay. The third place is the payment method that can be used in Gmarket. I often use points to exchange for Smile pay payment, ranking fifth is kakao pay, which started this year. On the far right are large supermarkets and online shopping that we often use in our daily lives. 35% of people use Samsung Pay, and 42% use other payments. Although Samsung Pay accounts for a large proportion, more people still use ordinary methods to pay.

? South Korea is not only convenient for swiping cards, but also has many ATM machines. You can transfer money everywhere in subway stations, supermarkets, and convenience stores. In this environment, it is very difficult to change the concept of payment. People already feel that this Life is already very convenient, there is no need to turn to mobile payment. I don’t need a credit card, online banking, or mobile payment in Korea. Because I swipe cards in most places and use cash for a few payments. For online shopping, I remit money at ATMs in subway stations or supermarkets. Rent, electricity bills, and gas bills are all transferred from ATMs, which I find very convenient.

? Once, I didn’t bring my bus card with me when I went to work. I could do without my bank card and cash, but I couldn’t move without my bus card. That day I suddenly realized how great it would be if I could pay with my mobile phone. At that time, I thought that if kakao pay could be used as a transportation card, I would immediately switch to mobile payment. In an environment like Korea, it is really important to start with transportation. The payments revolution. Hope that day comes sooner.

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