Korean Payment Guide 💳
한국 결제 시스템 가이드
📋 Table of Contents
💰Payment Systems Overview (결제 시스템 개요)
Korea is one of the most cashless societies in the world. Mobile payments and credit cards are accepted almost everywhere. Cash is becoming less common, especially in Seoul and major cities. Understanding Korean payment systems will make your daily life much easier.
📊 Payment Methods in Korea
- 💳 Credit/Debit Cards: 60% of transactions
- 📱 Mobile Payments: 30% (KakaoPay, Naver Pay, Toss)
- 💵 Cash: 10% (declining rapidly)
- 🏪 Card acceptance: 99% of businesses
🎯 Top 3 Mobile Payment Apps
- KakaoPay: Most popular (45M users)
- Naver Pay: Great for shopping (35M users)
- Toss: Simplest transfers (25M users)
💡 Tip: Set up at least one for convenience
⚡ Why Mobile Payments Are Popular: Instant transfers, easy bill splitting, QR code payments, loyalty points, and integrated with messaging apps. Most Koreans use mobile payments daily.
💛KakaoPay (카카오페이) - #1 Most Popular
KakaoPay is Korea's most popular mobile payment service with over 45 million users. It's integrated directly into KakaoTalk messenger, making payments and transfers incredibly convenient. Essential for daily life in Korea.
✨ Features
- 💸 Send Money: Transfer to friends via KakaoTalk
- 🛒 Pay at Stores: QR code or barcode scanning
- 💳 Online Payments: Use on websites and apps
- 🎁 Gift Vouchers: Send coffee, meals, gifts
- 📱 Bill Payments: Utilities, phone, subscriptions
- 📊 Investment: Buy stocks and funds
- 🏦 Bank Services: Check balance, transfer funds
- 💰 Cashback: Points and discounts
🔧 How to Set Up KakaoPay
- Open KakaoTalk: Tap the "..." menu (more) button
- Find KakaoPay: Look for the wallet icon or "Pay" section
- Verify Identity: Use your ARC or passport + Korean phone number
- Link Bank Account: Connect your Korean bank account
- Register Card: Add credit/debit card (optional)
- Set Password: Create 6-digit payment password
- Done! You can now use KakaoPay
💡 How to Use KakaoPay
Sending Money to Friends:
- Open chat with friend in KakaoTalk
- Tap "+" button → Select "송금" (Send Money)
- Enter amount → Confirm with password
- Money sent instantly!
Paying at Stores:
- Say "카카오페이로 할게요" (I'll pay with KakaoPay)
- Open KakaoPay → Tap "결제" (Pay)
- Show barcode to cashier OR scan store's QR code
- Enter password → Payment complete!
💳 Requirements: Korean bank account OR Korean credit card + Korean phone number + ARC/passport for verification
💙Toss (토스) - Simplest Money Transfers
Toss is known for its incredibly simple and fast money transfer service. Perfect for splitting bills with friends or sending money quickly.
✨ Features
- ⚡ Instant Transfers: Send money in 3 seconds
- 🍕 Split Bills: Divide costs with friends easily
- 💰 Savings: High-interest savings accounts
- 📊 Investment: Stocks, funds, crypto
- 💳 Card Management: Track spending & get insights
- 🏦 Bank Services: Check all bank accounts in one app
🔧 How to Set Up Toss
- Download Toss app from App Store or Google Play
- Sign up with Korean phone number
- Verify identity: Use ARC or passport
- Link bank account: Connect your Korean bank
- Set password: 6-digit PIN
- Enable biometric login: Fingerprint or Face ID (optional)
💡 When to Use Toss
- ✅ Splitting restaurant bills with friends
- ✅ Sending money to roommates (rent, utilities)
- ✅ Quick bank-to-bank transfers
- ✅ Checking balances across multiple banks
- ✅ Saving money in high-interest accounts
💳Credit & Debit Cards (신용카드 및 체크카드)
Credit and debit cards are the most common payment method in Korea. Almost all businesses accept cards, even for small purchases.
💳 Korean Cards
To get a Korean credit/debit card, you need:
- ✅ Korean bank account
- ✅ ARC (Alien Registration Card)
- ✅ Proof of income (for credit cards)
- ✅ Korean phone number
See our Bank Account Guide
🌍 Foreign Cards
International credit/debit cards work at most places:
- ✅ Visa, Mastercard widely accepted
- ✅ American Express at major stores
- ⚠️ Small businesses may be card-only (Korean cards)
- 💰 Watch for foreign transaction fees
🏆 Popular Korean Credit Cards
신한 Deep Dream
5% cashback on transportation & food
삼성 iD SIMPLE
Cashback on all purchases
현대 Z edition2
Travel & shopping benefits
💡 Credit vs. Debit: Debit cards (체크카드) are easier to get and don't require credit history. Credit cards (신용카드) offer better rewards but need income verification.
📱Other Payment Methods (기타 결제 수단)
Samsung Pay (삼성페이)
Mobile payment for Samsung phones. Uses MST technology that works with older card readers (not just NFC).
- ✅ Works on almost all card terminals
- ✅ Store multiple cards
- ✅ Secure (fingerprint/iris)
- ⚠️ Samsung phones only
Apple Pay (애플페이)
Mobile payment for iPhone. Accepted at NFC-enabled terminals.
- ✅ Available in Korea since 2023
- ✅ Works with Korean & foreign cards
- ✅ Face ID/Touch ID security
- ⚠️ Only at NFC terminals
Payco (페이코)
NHN's payment service, popular for online shopping.
- ✅ Used on many shopping sites
- ✅ Point rewards program
- ✅ QR code payments
Cash (현금)
Still accepted everywhere but becoming less common.
- ✅ Accepted at all businesses
- ✅ Useful for traditional markets
- ⚠️ Less convenient than cards
- ⚠️ No rewards or cashback
💡Payment Tips & Common Questions
🎯 Which Payment Method Should You Use?
- Daily purchases: KakaoPay or Korean card (get points/cashback)
- Online shopping: Naver Pay (best rewards)
- Send money to friends: Toss or KakaoPay (instant & free)
- International purchases: Foreign credit card (better exchange rate)
- Traditional markets: Cash (some vendors prefer it)
❓ Common Questions
Q: Can I use my foreign card in Korea?
A: Yes, Visa/Mastercard work at most places. But get a Korean card for better acceptance and no foreign fees.
Q: Do I need to set up all three apps (KakaoPay, Naver Pay, Toss)?
A: No, but having at least KakaoPay is highly recommended. Each has its strengths.
Q: Is cash still useful in Korea?
A: Rarely. Maybe for traditional markets or very small shops. 90%+ of transactions are cashless.
Q: How do I split bills with Korean friends?
A: Use KakaoPay or Toss. Just send money via KakaoTalk or enter their phone number in Toss.
Q: Are there fees for mobile payments?
A: No fees for sending money to friends or paying at stores. Same as using a card.
🔒 Security Tips
- 🔐 Use strong 6-digit passwords (don't use 123456 or 000000)
- 📱 Enable biometric login (fingerprint/face recognition)
- 🚫 Never share your password or verification codes
- ✅ Check transaction history regularly
- ⚠️ Only download official apps from App Store/Play Store
🗣️ Essential Payment Phrases
At Stores
카드로 할게요
I'll pay by card
카카오페이로 할게요
I'll pay with KakaoPay
현금으로 할게요
I'll pay with cash
일시불이요
One-time payment (not installments)
Payment Terms
결제
Payment
송금
Money transfer
할부
Installments
영수증
Receipt