# Korea, Republic of — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/KR
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **Zero Pay** is the government-backed unified QR standard
- **Kakao Pay** dominates with 24 million monthly active users
- **KRW 43.1 trillion** Kakao Pay transaction volume (2024)
- **91% QR experience:** Nearly universal QR code familiarity
- **Top 4 banks** achieved record ₩16.8 trillion profits (2024)

## Banking landscape

### Central Bank
- **Name:** Bank of Korea (BOK)
- **Website:** https://www.bok.or.kr/
- **Role:** Monetary policy, payment systems oversight

### Major Banks (Top 4 Financial Holdings, 2024)

| Rank | Bank Name | 2024 Profit | Growth | Type |
|------|-----------|-------------|--------|------|
| 1 | KB Financial | ₩5.19T | Record | Holding |
| 2 | Shinhan Financial | ₩4.92T | Strong | Holding |
| 3 | Hana Financial | ₩3.94T | Stable | Holding |
| 4 | Woori Financial | ₩3.16T | +21.6% | Holding |

### Market Structure
- **₩16.8 trillion:** Combined Top 4 profit (2024)
- **+12.6%:** Year-over-year profit growth
- **First ₩5T:** KB Financial milestone
- **Interest Income:** High lending rates drove profits

### 2024 Performance
- Record profits despite rate cuts
- Woori: 21.6% growth (highest)
- Margin pressure ongoing
- Digital transformation investments

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| BOK-Wire+ | BOK | RTGS | Active |
| Zero Pay | Government | Unified QR | Active |
| Card Networks | Visa/MC/Local | Cards | Dominant |
| Mobile Pay | Various | Digital wallets | Growing |

### Zero Pay System
- Government-backed small business support
- Zero/low fees for small merchants
- Direct bank account transfers
- Unified QR standard

### Mobile Payment Landscape
- **75%+ of purchases:** Mobile-based (2024)
- Multiple platforms: Naver, Kakao, Toss, Samsung
- QR codes extremely common
- NFC (Samsung Pay) also significant

---

## QR code standards

### Zero Pay (Government Standard)

| Attribute | Value |
|-----------|-------|
| **Operator** | Korea Simple Payment Promotion Agency |
| **Goal** | Zero fees for small businesses |
| **Participants** | KakaoPay, Payco, Naver, T-money, BC Card |
| **Type** | Unified QR for bank transfers |

### Zero Pay Features
- Direct account-to-account transfer
- No merchant fees for small businesses
- Multiple payment apps supported
- QR code at point of sale

### Zero Pay + WeChat Integration
- First QR standard accepted by WeChat Pay
- Cross-border connectivity
- Chinese tourist convenience
- Korean QR standard recognized globally

### Major QR Payment Platforms

| Platform | Provider | Users | Features |
|----------|----------|-------|----------|
| Kakao Pay | Kakao | 24M MAU | QR, NFC, offline |
| Naver Pay | Naver | Large | E-commerce, QR |
| Toss | Viva Republica | Large | P2P, QR |
| Samsung Pay | Samsung | Large | NFC + QR |

### Kakao Pay Dominance
- 24 million monthly active users
- KRW 43.1 trillion transactions (2024)
- Global QR standards compliant
- Works in Japan and China
- NFC via Samsung Pay (2024)

---

## Mobile payment apps

| App | Provider | QR | NFC | 2024 Volume |
|-----|----------|-------|-----|-------------|
| Kakao Pay | Kakao | Yes | Yes (2024) | ₩43.1T |
| Naver Pay | Naver | Yes | Limited | Large |
| Toss | Viva Republica | Yes | Yes | Growing |
| Samsung Pay | Samsung | Yes | Yes | Large |
| Payco | NHN | Yes | Limited | Active |

### Kakao Pay Ecosystem
- Integrated with KakaoTalk messenger
- 100,000+ QR merchant stores
- Global QR compatibility
- Lifestyle and finance services

### Samsung Pay
- NFC + MST technology
- QR code support added
- Works with existing terminals
- Strong offline presence

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [Zero Pay](https://docs.barcoder.ai/docs/payments/KR/zero-pay) | Unified QR | Bank transfer | Government-backed | [`zero-pay`](https://docs.barcoder.ai/docs/standards/zero-pay) |
| [Kakao Pay QR](https://docs.barcoder.ai/docs/payments/KR/kakao-pay-qr) | Payment QR | Proprietary | 100K+ stores | [`kakao-pay-qr`](https://docs.barcoder.ai/docs/standards/kakao-pay-qr) |
| [Naver Pay QR](https://docs.barcoder.ai/docs/payments/KR/naver-pay-qr) | Payment QR | Proprietary | Widespread | [`naver-pay-qr`](https://docs.barcoder.ai/docs/standards/naver-pay-qr) |

## Sources

- [Komoju - Kakao Pay Guide](https://en.komoju.com/blog/payment-method/kakao-pay/)
- [Komoju - Korea Mobile Payment Trends](https://en.komoju.com/blog/general-advice/korea-mobile-payment-trends/)
- [The Paypers - South Korea 2025](https://thepaypers.com/payments/expert-views/south-korea-2025-analysis-of-payments-and-ecommerce-trends)
- [Antom - Kakao Pay Understanding](https://knowledge.antom.com/understanding-kakao-pay-the-south-korean-payment-and-lifestyle-app)
- [Business Korea - Kakao Pay QR Growth](https://www.businesskorea.co.kr/news/articleView.html?idxno=24109)
- [ETNews - Zero Pay WeChat](https://english.etnews.com/20200925200001)
- [KED Global - Record Bank Profits](https://www.kedglobal.com/earnings/newsView/ked202502040001)
- [Korea Herald - Bank Profits 2024](https://www.koreaherald.com/view.php?ud=20240102000672)
- [Statista - Korea Banks Assets](https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/)
- [Twimbit - Korean Banks 2024](https://cdn.twimbit.com/uploads/2024/05/07132342/State-of-South-Korean-Banks-2024.pdf)

## Full country report

[KR-south-korea.md](https://docs.barcoder.ai/docs/payments/KR)