Popular mobile payment services among Millennials and Gen Z South Korea 2020

Published by L. Yoon, Jan 22, 2024
According to a survey in South Korea in 2020, KakaoPay was the most popular mobile payment service among Millennials and Gen Z in South Korea with 51.3 brand power index (BPI) points. Samsung Pay and Naver Pay formed a second tier among popular cashless payment methods with BPI scores in the forties.

Most popular mobile payment services among Millennials and Gen Z in South Korea in 2020

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Release date

October 2020

Region

South Korea

Survey time period

July 24 to August 15, 2020

Number of respondents

1,000 respondents

Age group

19-34 years old

Method of interview

Online panel

Supplementary notes

*MZ-BPI (Millennial-Z Brand Power Index) = 0.1854*F + 0.7083*L + 0.1062*I

F (Familiarity) means familiarity with the brands.
L (Loyalty) means preference for the brands.
I (Image) means the cost efficiency and trendiness of the brands.

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Overview

5

Cashless payments

6

Mobile payments

5

Market share

4

Leading providers

7

User behavior

4

Further related statistics

17

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Topics

Mobile payments in South KoreaNaver Corporation of South KoreaMobile banking in South KoreaBanking industry in South KoreaKakao Bank
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