South Korea has the highest average internet speeds in the world, and 100% of their population between ages 25 and 34 log on daily.
In a country with over €22.8 billion in annual e-commerce spending, Fashion is the leading product category with about €6.2 billion of the annual market share, followed by toys and hobby items.
With over 62% of its 25.9 million population already shopping online, the average cardholder uses their credit card 130 times per year.
South Korea is a unique region and certainly has its own payment preferences as a country.
Allied Wallet is now compatible with several preferred payment options in South Korea to better connect online businesses and their customers including: ShinhanCard, T-Money, and Toss.
“We’re very happy to be creating more opportunity within South Korea, and connecting more of the world with South Korean businesses,” said CEO Andy Khawaja, “…T-Money itself has about 71 million cards in use. We’re sure businesses will see an increase in profit by broadening their payment acceptance.”
T-Money is typically used as a transit card, but is also used to shop online, as railway networks and metro lines in South Korea are connected with Wi-Fi, giving passengers the opportunity to use their smartphones while onboard.
ShinhanCard is the number one credit card issuer in South Korea with over 12 million users.
Toss is an eWallet service with over 6 million users, allowing users to pay in store, shop online, or send money to friends and family. This popular eWallet is partnered with 18 of South Korea’s 19 major banks, reaching 98% of the banked population.
The addition of these three powerful and popular alternative payment options in South Korea and many more abroad are creating more and more opportunities for merchants online and enabling Allied Wallet to connect more users worldwide.
About Allied Wallet:
Allied Wallet continues to revolutionize the e-commerce industry by introducing new and innovative payment processing solutions for online merchants, enabling them to send and receive global payments. With PCI compliant merchant services for nearly any business size, Allied Wallet provides a state-of-the-art payment gateway to optimize online transactions. Please visit www.alliedwallet.com/.