South Korean cards
Cards are one of the major payment methods in South Korea, covering the entire South Korean population of 50 million people. Among the 118 million cards issued in South Korea, local cards with one card issuer account for 45%, and local cards with double card issuers (local card brands and international card associations) account for 55%.
Properties
The following table lists the product properties supported by South Korean cards:
Acquirer | AlipaySG | |
Availability | Acquiring region | Singapore, Hong Kong, Australia |
Buyer country/region | South Korea | |
Product features | Payment type | CARD |
Card brand | Kookmin, BC, Nonghyup, Shinhan, Samsung, Lotte, Hyundai, Hana | |
Card type | Debit card, credit card | |
Payment flow | Redirect | |
Payment completion | Real-time | |
Currency | Processing currency | KRW |
Settlement currency | USD, EUR, GBP, JPY, NZD, SGD, AUD, HKD, CNH, CAD | |
Other | Settlement region | |
Settlement cycle | T+4 | |
3D | ❌ | |
Authorization validity period | 7 days | |
Minimum transaction amount | 100 KRW | |
Maximum transaction amount | Unlimited | |
Checkout Payment | ✔️ | |
Auto Debit | ❌ | |
Multiple partial captures | ❌ | |
Partial capture | ❌ | |
Overdraft capture | ❌ | |
Refunds | ✔️ | |
Partial refunds | ✔️ | |
Chargeback | ✔️ | |
Refund period | 365 days | |
Recurring | ❌ | |
Installment | ❌ |
User experience
This section describes the user experience of paying with South Korean cards in different scenarios:
First-time payment: a PCI-qualified merchant
Corporate card
Individual card
First-time payment: a PCI-not-qualified merchant
Corporate card
Individual card
Payment with a saved card
