Credit cards in South Korea 2017-2018

As at 31st December 2018, there are 105,063,000 credit cards issued in South Korea(2.04 cards per capita), an increase of 5,601,000 or 5.63% compares to 99,462,000 in 2017. 68,855,000 cards are issued by bank-affiliated institutions(61,015,000 personal credit cards and 7,840,000 corporate credit cards), while the rest 36,208,000 cards are issued by nonbank-affiliated institutions(35,163,000 personal cards and 1,045,000 corporate credit cards). Personal credit cards made up 91.54% or 96,178,000 of total cards issued, with the balance 8,885,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
For 2018, there are 13.21 billions of credit card transactions in South Korea(255.97 transactions per capita), an increase of 1.24 billions or 10.36% compares to 11.97 billions in 2017. This shows the growth rate of credit card transactions is not affected by small increase in number of credit cards issued in the same period. Personal credit cards recorded 12.19 billions transactions(92.28% of total transactions), while corporate credit cards recorded 1,018.81 millions transactions.
Out of the 12.19 billions transactions recorded for personal credit cards, lump sum purchases made up of 11.72 billions transactions(increased by 1.14 billions or 10.78% compares to 2017), installment purchases made up of 385.22 millions transactions(increased by 20.19 millions or 5.53% compares to 2017) and cash advances made up of 84 millions(decreased by 1 millions or 1.18% compares to 2017).

The total credit card transactions for 2018 is KRW741.32 trillions in value(KRW14.36 millions per capita), an increase of KRW38.35 trillions or 5.46% compares to KRW702.97 trillions in 2017. This is a small growth considering the 10.36% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW58,728 in 2017 to KRW56,118 per credit card transaction in 2018. Personal credit cards recorded KRW589.00 trillions in value(79.45% of total value), while corporate credit cards recorded KRW152.32 trillions(decreased by KRW4.48 trillions or 2.86% compares to 2017) in values. Even though corporate credit cards made up only 8.46% of the total transactions volume, they contributed 20.55% of the total transactions value.
Out of the KRW589.00 trillions recorded for personal credit cards(increased by KRW42.83 trillions or 7.84% compares to 2017), lump sum purchases made up of KRW409.58 trillions(increased by KRW32.85 trillions or 8.72% compares to 2017), installment purchases made up of KRW117.65 trillions(increased by KRW8.84 trillions or 8.12% compares to 2017) and cash advances made up of KRW61.77 trillions(increased by KRW1.13 trillions or 1.86% compares to 2017).

Credit cards in South Korea 2016-2017

As at 31st December 2017, there are 99,462,000 credit cards issued in South Korea(1.93 cards per capita), an increase of 3,823,000 or 4.00% compares to 95,639,000 in 2016. 65,826,000 cards are issued by bank-affiliated institutions(58,381,000 personal credit cards and 7,444,000 corporate credit cards), while the rest 33,636,000 cards are issued by nonbank-affiliated institutions(32,628,000 personal cards and 1,008,000 corporate credit cards). Personal credit cards made up 91.50% or 91,009,000 of total cards issued, with the balance 8,452,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
For 2017, there are 11.97 billions of credit card transactions in South Korea(232.67 transactions per capita), an increase of 1.31 billions or 12.29% compares to 10.66 billions in 2016. This shows the growth rate of credit card transactions is not affected by small increase in number of credit cards issued in the same period. Personal credit cards recorded 11.03 billions transactions(92.15% of total transactions), while corporate credit cards recorded 938.81 millions transactions.
Out of the 11.03 billions transactions recorded for personal credit cards, lump sum purchases made up of 10.58 billions transactions(increased by 1.18 billions or 12.55% compares to 2016), installment purchases made up of 365.03 millions transactions(increased by 20.68 millions or 6.01% compares to 2016) and cash advances made up of 85 millions(decreased by 7 millions or 7.61% compares to 2016).

The total credit card transactions for 2017 is KRW702.97 trillions in value(KRW13.66 millions per capita), an increase of KRW27.21 trillions or 4.03% compares to KRW675.76 trillions in 2016. This is a small growth considering the 12.29% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW63,392 in 2016 to KRW58,728 per credit card transaction in 2018. Personal credit cards recorded KRW546.17 trillions in value(77.69% of total value), while corporate credit cards recorded KRW156.80 trillions(decreased by KRW15.43 trillions or 8.96% compares to 2016) in values. Even though corporate credit cards made up only 7.85% of the total transactions volume, they contributed 22.31% of the total transactions value.
Out of the KRW546.17 trillions recorded for personal credit cards(increased by KRW42.64 trillions or 8.47% compares to 2016), lump sum purchases made up of KRW376.73 trillions(increased by KRW35.76 trillions or 10.49% compares to 2016), installment purchases made up of KRW108.81 trillions(increased by KRW8.13 trillions or 8.08% compares to 2016) and cash advances made up of KRW60.64 trillions(decreased by KRW1.24 trillions or 2.00% compares to 2016).

Credit cards in South Korea 2015-2016

As at 31st December 2016, there are 95,639,000 credit cards issued in South Korea(1.86 cards per capita), an increase of 2,544,000 or 2.73% compares to 93,095,000 in 2015. 63,436,000 cards are issued by bank-affiliated institutions(56,472,000 personal credit cards and 6,965,000 corporate credit cards), while the rest 32,203,000 cards are issued by nonbank-affiliated institutions(31,299,000 personal cards and 904,000 corporate credit cards). Personal credit cards made up 91.77% or 87,771,000 of total cards issued, with the balance 7,869,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
For 2016, there are 10.66 billions of credit card transactions in South Korea(207.21 transactions per capita), an increase of 0.84 billions or 8.55% compares to 9.82 billions in 2015. This shows the growth rate of credit card transactions is not affected by small increase in number of credit cards issued in the same period. Personal credit cards recorded 9.84 billions transactions(92.31% of total transactions), while corporate credit cards recorded 827.56 millions transactions.
Out of the 9.84 billions transactions recorded for personal credit cards, lump sum purchases made up of 9.40 billions transactions(increased by 0.80 billions or 9.30% compares to 2015), installment purchases made up of 344.35 millions transactions(increased by 4.73 millions or 1.39% compares to 2015) and cash advances made up of 92 millions(decreased by 7 millions or 7.07% compares to 2015).

The total credit card transactions for 2016 is KRW675.76 trillions in value(KRW13.14 millions per capita), an increase of KRW61.52 trillions or 10.02% compares to KRW614.24 trillions in 2015. This is a good growth and in accordance to the 10.84% increase in credit cards transactions volume. This also meant credit card is used for larger purchases value, from KRW62,550 in 2015 to KRW63,392 per credit card transaction in 2016. Personal credit cards recorded KRW503.53 trillions in value(74.51% of total value), while corporate credit cards recorded KRW172.23 trillions(increased by KRW25.37 trillions or 17.27% compares to 2015) in values. Even though corporate credit cards made up only 7.69% of the total transactions volume, they contributed 25.49% of the total transactions value.
Out of the KRW503.53 trillions recorded for personal credit cards(increased by KRW36.15 trillions or 7.73% compares to 2015), lump sum purchases made up of KRW340.97 trillions(increased by KRW30.26 trillions or 9.74% compares to 2015), installment purchases made up of KRW100.68 trillions(increased by KRW6.34 trillions or 6.72% compares to 2015) and cash advances made up of KRW61.88 trillions(decreased by KRW0.44 trillions or 0.71% compares to 2015).

Credit cards in South Korea 2014-2015

As at 31st December 2015, there are 93,095,000 credit cards issued in South Korea(1.82 cards per capita), an increase of 774,000 or 0.84% compares to 92,321,000 in 2014. 62,301,000 cards are issued by bank-affiliated institutions(54,967,000 personal credit cards and 7,334,000 corporate credit cards), while the rest 30,794,000 cards are issued by nonbank-affiliated institutions(29,970,000 personal cards and 825,000 corporate credit cards). Personal credit cards made up 91.24% or 84,936,000 of total cards issued, with the balance 8,159,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
For 2015, there are 9.82 billions of credit card transactions in South Korea(191.63 transactions per capita), an increase of 0.96 billions or 10.84% compares to 8.86 billions in 2014. This shows the growth rate of credit card transactions is not affected by small increase in number of credit cards issued in the same period. Personal credit cards recorded 9.05 billions transactions(92.16% of total transactions), while corporate credit cards recorded 765.92 millions transactions.
Out of the 9.05 billions transactions recorded for personal credit cards, lump sum purchases made up of 8.60 billions transactions(increased by 0.86 billions or 11.11% compares to 2014), installment purchases made up of 339.62 millions transactions(increased by 10.89 millions or 3.31% compares to 2014) and cash advances made up of 99 millions(decreased by 9.87 millions or 9.07% compares to 2014).

The total credit card transactions for 2015 is KRW614.24 trillions in value(KRW11.99 millions per capita), an increase of KRW32.28 trillions or 5.55% compares to KRW581.96 trillions in 2014. This is a small growth if compares to the 10.84% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW65,684 in 2014 to KRW62,550 per credit card transaction in 2015. Personal credit cards recorded KRW467.38 trillions in value(76.09% of total value), while corporate credit cards recorded KRW146.86 trillions(increased by KRW15.37 trillions or 11.69% compares to 2014) in values. Even though corporate credit cards made up only 7.84% of the total transactions volume, they contributed 23.91% of the total transactions value.
Out of the KRW467.38 trillions recorded for personal credit cards(increased by KRW16.91 trillions or 3.75% compares to 2014), lump sum purchases made up of KRW310.71 trillions(increased by KRW12.92 trillions or 4.34% compares to 2014), installment purchases made up of KRW94.34 trillions(increased by KRW6.93 trillions or 7.93% compares to 2014) and cash advances made up of KRW62.32 trillions(decreased by KRW2.95 trillions or 4.52% compares to 2014).

Credit cards in South Korea 2013-2014

As at 31st December 2014, there are 92,321,000 credit cards issued in South Korea(1.83 cards per capita), a decrease of 9,701,000 or 9.51% compares to 102,022,000 in 2013. 62,192,000 cards are issued by bank-affiliated institutions(55,984,000 personal credit cards and 6,207,000 corporate credit cards), while the rest 30,129,000 cards are issued by nonbank-affiliated institutions(29,392,000 personal cards and 737,000 corporate credit cards). Personal credit cards made up 92.48% or 85,377,000 of total cards issued, with the balance 6,944,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 371,000 or 2.14% from 17,376,000 at the end of 2013 to 17,747,000(11,412,000 bank-affiliated and 6,336,000 nonbank-affiliated) at the end of 2014.

For 2014, there are 8.86 billions of credit card transactions in South Korea(175.71 transactions per capita), an increase of 0.71 billions or 8.71% compares to 8.15 billions in 2013. This shows the growth rate of credit card transactions is not affected by decrease in number of credit cards issued in the same period. Personal credit cards recorded 8.17 billions transactions(92.21% of total transactions), while corporate credit cards recorded 684.15 millions transactions.
Out of the 8.17 billions transactions recorded for personal credit cards, lump sum purchases made up of 7.74 billions transactions(increased by 0.65 billions or 9.17% compares to 2013), installment purchases made up of 328.73 millions transactions(increased by 7.43 millions or 2.31% compares to 2013) and cash advances made up of 108.87 millions(decreased by 10.55 millions or 8.83% compares to 2013).

The total credit card transactions for 2014 is KRW581.96 trillions in value(KRW11.54 millions per capita), an increase of KRW11.32 trillions or 1.98% compares to KRW570.64 trillions in 2013. This is a small growth if compares to the 8.71% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW70,017 in 2013 to KRW65,684 per credit card transaction in 2014. Personal credit cards recorded KRW450.47 trillions in value(77.41% of total value), while corporate credit cards recorded KRW131.49 trillions(increased by KRW3.35 trillions or 2.61% compares to 2013) in values. Even though corporate credit cards made up only 7.79% of the total transactions volume, they contributed 22.59% of the total transactions value.
Out of the KRW450.47 trillions recorded for personal credit cards(increased by KRW7.97 trillions or 1.80% compares to 2013), lump sum purchases made up of KRW297.79 trillions(increased by KRW8.65 trillions or 2.99% compares to 2013), installment purchases made up of KRW87.41 trillions(increased by KRW3.71 trillions or 4.43% compares to 2013) and cash advances made up of KRW65.27 trillions(decreased by KRW4.39 trillions or 6.30% compares to 2013).

Credit cards in South Korea 2012-2013

As at 31st December 2013, there are 102,022,000 credit cards issued in South Korea(2.03 cards per capita), a decrease of 14,209,000 or 12.22% compares to 116,231,000 in 2012. 69,929,000 cards are issued by bank-affiliated institutions(63,716,000 personal credit cards and 6,214,000 corporate credit cards), while the rest 32,092,000 cards are issued by nonbank-affiliated institutions(31,433,000 personal cards and 659,000 corporate credit cards). Personal credit cards made up 93.26% or 95,149,000 of total cards issued, with the balance 6,873,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has decreased by 2,783,000 or 13.81% from 20,159,000 at the end of 2012 to 17,376,000(10,993,000 bank-affiliated and 6,383,000 nonbank-affiliated) at the end of 2013.

For 2013, there are 8.15 billions of credit card transactions in South Korea(162.29 transactions per capita), an increase of 0.67 billions or 8.96% compares to 7.48 billions in 2012. This shows the growth rate of credit card transactions is not affected by decrease in number of credit cards issued in the same period. Personal credit cards recorded 7.53 billions transactions(92.39% of total transactions), while corporate credit cards recorded 619.93 millions transactions.
Out of the 7.53 billions transactions recorded for personal credit cards, lump sum purchases made up of 7.09 billions transactions(increased by 0.66 billions or 10.26% compares to 2012), installment purchases made up of 321.30 millions transactions(decreased by 44.18 millions or 12.09% compares to 2012) and cash advances made up of 119.42 millions(decreased by 11.83 millions or 9.01% compares to 2012).

The total credit card transactions for 2013 is KRW570.64 trillions in value(KRW11.36 millions per capita), an increase of KRW8.78 trillions or 1.56% compares to KRW561.86 trillions in 2012. This is a small growth if compares to the 8.96% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW75,115 in 2012 to KRW70,017 per credit card transaction in 2013. Personal credit cards recorded KRW442.50 trillions in value(77.54% of total value), while corporate credit cards recorded KRW128.14 trillions(increased by KRW1.87 trillions or 1.48% compares to 2012) in values. Even though corporate credit cards made up only 7.61% of the total transactions volume, they contributed 22.46% of the total transactions value.
Out of the KRW442.50 trillions recorded for personal credit cards(increased by KRW6.92 trillions or 1.59% compares to 2012), lump sum purchases made up of KRW289.14 trillions(increased by KRW20.78 trillions or 7.74% compares to 2012), installment purchases made up of KRW83.70 trillions(decreased by KRW7.61 trillions or 8.33% compares to 2012) and cash advances made up of KRW69.66 trillions(decreased by KRW6.25 trillions or 8.23% compares to 2012).

Credit cards in South Korea 2011-2012

As at 31st December 2012, there are 116,231,000 credit cards issued in South Korea(2.32 cards per capita), a decrease of 5,908,000 or 4.84% compares to 122,139,000 in 2011. 78,623,000 cards are issued by bank-affiliated institutions(72,730,000 personal credit cards and 5,893,000 corporate credit cards), while the rest 37,608,000 cards are issued by nonbank-affiliated institutions(36,909,000 personal cards and 699,000 corporate credit cards). Personal credit cards made up 94.33% or 109,639,000 of total cards issued, with the balance 6,592,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has decreased by 447,000 or 2.17% from 20,606,000 at the end of 2011 to 20,159,000(13,986,000 bank-affiliated and 6,172,000 nonbank-affiliated) at the end of 2012.

For 2012, there are 7.48 billions of credit card transactions in South Korea(149.59 transactions per capita), an increase of 886.28 millions or 13.51% compares to 6.59 billions in 2011. This shows the growth rate of credit card transactions is not affected by decrease in number of credit cards issued in the same period. Personal credit cards recorded 6.92 billions transactions(92.51% of total transactions), while corporate credit cards recorded 555.16 millions transactions.
Out of the 6.92 billions transactions recorded for personal credit cards, lump sum purchases made up of 6.43 billions transactions(increased by 807 millions or 14.41% compares to 2011), installment purchases made up of 365.48 millions transactions(increased by 21 millions or 6.13% compares to 2011) and cash advances made up of 131.25 millions(decreased by 6.72 millions or 4.87% compares to 2011).

The total credit card transactions for 2012 is KRW561.86 trillions in value(KRW11.24 millions per capita), an increase of KRW21.07 trillions or 3.90% compares to KRW540.79 trillions in 2011. This growth is inline with the 13.51% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW82,022 in 2011 to KRW75,115 per credit card transaction in 2012. Personal credit cards recorded KRW435.58 trillions in value(77.52% of total value), while corporate credit cards recorded KRW126.27 trillions(decreased by KRW3.95 trillions or 3.03% compares to 2011) in values. Even though corporate credit cards made up only 7.49% of the total transactions volume, they contributed 22.48% of the total transactions value.
Out of the KRW435.58 trillions recorded for personal credit cards(increased by KRW25.01 trillions or 6.09% compares to 2011), lump sum purchases made up of KRW268.36 trillions(increased by KRW26.61 trillions or 11.01% compares to 2011), installment purchases made up of KRW91.31 trillions(increased by KRW5.30 trillions or 6.16% compares to 2011) and cash advances made up of KRW75.91 trillions(decreased by KRW6.91 trillions or 8.34% compares to 2011).

Credit cards in South Korea 2010-2011

As at 31st December 2011, there are 122,139,000 credit cards issued in South Korea(2.49 cards per capita), an increase of 5,553,000 or 4.76% compares to 116,586,000 in 2010. 82,549,000 cards are issued by bank-affiliated institutions(77,033,000 personal credit cards and 5,516,000 corporate credit cards), while the rest 39,590,000 cards are issued by nonbank-affiliated institutions(38,917,000 personal cards and 673,000 corporate credit cards). Personal credit cards made up 94.93% or 115,950,000 of total cards issued, with the balance 6,189,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has decreased by 554,000 or 2.62% from 21,160,000 at the end of 2010 to 20,606,000(13,725,000 bank-affiliated and 6,881,000 nonbank-affiliated) at the end of 2011.

For 2011, there are 6.59 billions of credit card transactions in South Korea(134.59 transactions per capita), an increase of 778.42 millions or 13.43% compares to 5.81 billions in 2010. The growth rate of credit card transactions is in accordance to the increase in number of credit cards issued in the same period. Personal credit cards recorded 6.10 billions transactions(92.56% of total transactions), while corporate credit cards recorded 489.90 millions transactions.
Out of the 6.10 billions transactions recorded for personal credit cards, lump sum purchases made up of 5.62 billions transactions(increased by 683 millions or 13.77% compares to 2010), installment purchases made up of 344.37 millions transactions(increased by 29 millions or 9.20% compares to 2010) and cash advances made up of 137.97 millions(decreased by 0.83 millions or 0.60% compares to 2010).

The total credit card transactions for 2011 is KRW540.79 trillions in value(KRW11.04 millions per capita), an increase of KRW47.05 trillions or 9.53% compares to KRW493.74 trillions in 2010. This growth is inline with the 4.76% increase in number of credit cards issued and 13.43% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW84,981 in 2010 to KRW82,022 per credit card transaction in 2011. Personal credit cards recorded KRW410.57 trillions in value(83.16% of total value), while corporate credit cards recorded KRW130.22 trillions(increased by KRW6.19 trillions or 4.99% compares to 2010) in values. Even though corporate credit cards made up only 7.44% of the total transactions volume, they contributed 16.84% of the total transactions value.
Out of the KRW410.57 trillions recorded for personal credit cards(increased by KRW40.87 trillions or 11.05% compares to 2010), lump sum purchases made up of KRW241.75 trillions(increased by KRW30.40 trillions or 14.38% compares to 2010), installment purchases made up of KRW86.01 trillions(increased by KRW9.29 trillions or 12.11% compares to 2010) and cash advances made up of KRW82.81 trillions(increased by KRW1.17 trillions or 1.43% compares to 2010).

Credit cards in South Korea 2009-2010

As at 31st December 2010, there are 116,586,000 credit cards issued in South Korea(2.39 cards per capita), an increase of 9,597,000 or 8.97% compares to 106,989,000 in 2009. 78,640,000 cards are issued by bank-affiliated institutions(73,689,000 personal credit cards and 4,940,000 corporate credit cards), while the rest 37,946,000 cards are issued by nonbank-affiliated institutions(37,335,000 personal cards and 611,000 corporate credit cards). Personal credit cards made up 95.24% or 111,033,000 of total cards issued, with the balance 5,552,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 4,694,000 or 22.18% from 16,466,000 at the end of 2009 to 21,160,000(14,559,000 bank-affiliated and 6,601,000 nonbank-affiliated) at the end of 2010.

For 2010, there are 5.81 billions of credit card transactions in South Korea(118.87 transactions per capita), a significant increase of 934.73 millions or 19.15% compares to 4.88 billions in 2009. The growth rate of credit card transactions is in accordance to the increase in number of credit cards issued in the same period. Personal credit cards recorded 5.39 billions transactions(92.77% of total transactions), while corporate credit cards recorded 422.50 millions transactions.
Out of the 5.39 billions transactions recorded for personal credit cards, lump sum purchases made up of 4.94 billions transactions(increased by 860 millions or 21.08% compares to 2009), installment purchases made up of 315.37 millions transactions(increased by 33.76 millions or 11.99% compares to 2009) and cash advances made up of 138.80 millions(decreased by 6.93 millions or 4.76% compares to 2009).

The total credit card transactions for 2010 is KRW493.74 trillions in value(KRW10.10 millions per capita), an increase of KRW27.38 trillions or 5.87% compares to KRW466.36 trillions in 2009. This growth is slower compares to the 8.97% increase in number of credit cards issued and 19.15% increase in credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW95,566 in 2009 to KRW84,981 per credit card transaction in 2010. Personal credit cards recorded KRW369.70 trillions in value(74.88% of total value), while corporate credit cards recorded KRW124.03 trillions(decreased by KRW7.11 trillions or 5.38% compares to 2009) in values. Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 25% of the total transactions value.
Out of the KRW369.70 trillions recorded for personal credit cards(increased by KRW35.48 trillions or 10.62% compares to 2009), lump sum purchases made up of KRW211.35 trillions(increased by KRW25.67 trillions or 13.82% compares to 2009), installment purchases made up of KRW76.72 trillions(increased by KRW9.99 trillions or 14.97% compares to 2009) and cash advances made up of KRW81.64 trillions(decreased by KRW0.17 trillions or 0.21% compares to 2009).

Credit cards in South Korea 2008-2009

As at 31st December 2009, there are 106,989,000 credit cards issued in South Korea(2.21 cards per capita), an increase of 10,754,000 or 11.17% compares to 96,235,000 in 2008. 73,389,000 cards are issued by bank-affiliated institutions(69,260,000 personal credit cards and 4,129,000 corporate credit cards), while the rest 33,600,000 cards are issued by nonbank-affiliated institutions(32,991,000 personal cards and 609,000 corporate credit cards). Personal credit cards made up 95.57% or 102,251,000 of total cards issued, with the balance 4,738,000 made up of corporate credit cards.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 1,030,000 or 6.67% from 15,436,000 at the end of 2008 to 16,466,000(9,760,000 bank-affiliated and 6,707,000 nonbank-affiliated) at the end of 2009.

For 2009, there are 4.88 billions of credit card transactions in South Korea(100.97 transactions per capita), a significant increase of 732.68 millions or 17.66% compares to 4.15 billions in 2008. The growth rate of credit card transactions is in accordance to the increase in number of credit cards issued in the same period. Personal credit cards recorded 4.51 billions transactions(92.42% of total transactions), while corporate credit cards recorded 373.46 millions transactions.
Out of the 4.51 billions transactions recorded for personal credit cards, lump sum purchases made up of 4.08 billions transactions(increased by 710 millions or 22.06% compares to 2008), installment purchases made up of 281.61 millions transactions(decreased by 25.31 millions or 8.25% compares to 2008) and cash advances made up of 145.73 millions(decreased by 21.03 millions or 12.61% compares to 2008).

The total credit card transactions for 2009 is KRW466.36 trillions in value(KRW9.65 millions per capita), an increase of KRW9.94 trillions or 2.18% compares to KRW456.42 trillions in 2008. This growth is slow compares to the higher increase in number of credit cards issued and credit cards transactions volume. This also meant credit card is used for smaller purchases value, from KRW109,981 in 2008 to KRW95,566 per credit card transaction in 2009. Personal credit cards recorded KRW334.22 trillions in value(71.67% of total value), while corporate credit cards recorded KRW132.14 trillions(decreased by KRW5.12 trillions or 3.79% compares to 2008) in values. Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 29% of the total transactions value.
Out of the KRW334.22 trillions recorded for personal credit cards(increased by KRW15.15 trillions or 4.75% compares to 2008), lump sum purchases made up of KRW185.68 trillions(increased by KRW21.48 trillions or 13.08% compares to 2008), installment purchases made up of KRW66.73 trillions(increased by KRW0.84 trillions or 1.27% compares to 2008) and cash advances made up of KRW81.81 trillions(decreased by KRW7.17 trillions or 8.06% compares to 2008). It is interesting to note that even though there is a 8.25% decrease in installment purchases transactions volume, a 1.27% growth recorded in transactions value. This means the installment purchases value per credit card transaction increase significantly.

Credit cards in South Korea 2007-2008

As at 31st December 2008, there are 96,235,000 credit cards issued in South Korea(1.98 cards per capita), an increase of 7,464,000 or 8.41% compares to 88,771,000 2007. 66,978,000 cards are issued by bank-affiliated institutions, while the rest 29,257,000 cards are issued by nonbank-affiliated institutions. Personal credit cards made up 95.54% or 91,941,000 of total cards issued, with the balance 4,294,000 made up of corporate credit cards.

South Korea credit card market has grown rapidly over the past few years with the government tax benefits and card issuers aggressive marketing. The credit card market continues to expand in 2009 where the number of cards issued surpass 100 millions mark(100,269,000) in June 2009. As of September 2009, there are 103,727,000 credit cards (71,946,000 by bank-affiliated and 31,781,000 by nonbank-affiliated; 99,083,000 personal credit cards and 4,643,000 corporate credit cards) issued in South Korea, a 7.79% or 7,492,000 growth in 9 months period. The figure shows recent global financial crisis does not affect the credit card issuance in South Korea.

Total Card Payments in Volume and Value
The number of merchants accepting credit cards in South Korea has increased by 704,000 or 4.78% from 14,732,000 at the end of 2007 to 15,436,000(9,085,000 bank-affiliated and 6,351,000 nonbank-affiliated) at the end of 2008. At end of September 2009, there are 16,184,000(9,568,000 bank-affiliated and 6,616,000 nonbank-affiliated) merchants accepting credit cards, a 4.85% or 748,000 growth in 9 months period.

For 2008, there are 4.15 billions of credit card transactions in South Korea(85.33 transactions per capita), a significant increase of 674.93 millions or 19.44% compares to 3.47 billions in 2007. Even though the number of credit cards issued increased by 8.41% in 2008, the growth rate of credit card transactions has double fold to 19.44% in the same period. Personal credit cards recorded 3.84 billions transactions(92.53% of total transactions), while corporate credit cards recorded 303.94 millions transactions. For nine months ended 2009, there are 3.59 billions of credit card transactions.
Out of the 3.84 billions transactions recorded for personal credit cards, lump sum purchases made up of 3.37 billions transactions(increased by 611 millions or 22.15% compares to 2007), installment purchases made up of 306.92 millions transactions(increased by 480 thousands or 0.16% compares to 2007) and cash advances made up of 166.76 millions(increased by 11.59 millions or 7.47% compares to 2007).

The total credit card transactions for 2008 is KRW456.42 trillions in value(KRW9.39 millions per capita), an increase of KRW52.79 trillions or 13.08% compares to KRW403.63 trillions in 2007. This growth is inline with the increase in number of credit cards issued and credit cards transactions volume. This also translates into KRW110,149 per credit card transaction, a smaller amount compares to KRW116,237 in 2007. Personal credit cards recorded KRW319.07 trillions in value(69.91% of total value), while corporate credit cards recorded KRW137.35 trillions(increased by KRW20.54 trillions or 17.59% compares to 2007) in values. Even though corporate credit cards made up only 7% of the total transactions volume, they contributed 30% of the total transactions value. For nine months ended 2009, there are KRW343.25 trillions of credit card transactions recorded.
Out of the KRW319.07 trillions recorded for personal credit cards(increased by KRW32.25 trillions or 11.24% compares to 2007), lump sum purchases made up of KRW164.20 trillions(increased by KRW21.52 trillions or 15.08% compares to 2007), installment purchases made up of KRW65.89 trillions(increased by KRW7.73 trillions or 13.30% compares to 2007) and cash advances made up of KRW88.98 trillions(increased by KRW3 trillions or 3.49% compares to 2007). It is interesting to note that even though there is only 0.16% increase in installment purchases transactions volume, there is a high growth rate of 13.30% in transactions value.