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We’re thrilled to announce that as part of our continued global expansion, Runa is launching in South Korea—a country recognized for its rapid adoption of advanced digital technologies. This means that Runa customers can now convert and spend into South Korean won and send payouts to be spent at a wide range of global and local merchants in South Korea.
This strategic move into South Korea enables Runa to support businesses in enhancing their digital payout offerings and processes, facilitating better redemption experiences with the country’s tech-savvy consumer base, and capitalizing on growth opportunities within one of Asia’s leading digital economies.
Dive into how South Korea’s cutting-edge digital landscape makes it the perfect fit for Runa, and explore how we aim to empower global businesses eager to tap into this market ripe with potential and eager for innovation.
The digital landscape in South Korea
Runa’s launch in South Korea is perfectly timed with the country’s significant shift away from cash transactions. According to the Bank of Korea, there's been a notable decline in the proportion of cash usage, dropping to 14.6% in 2021 from 34.8% in 2013. Meanwhile, the share of simple payment services provided by fintech companies grew to 67.2 percent in 2023, up from 60.8 percent in 2020.
And with its world-leading internet speeds and universal LTE coverage, South Korea’s status as the most connected country sets a solid foundation for digital transactions, as evidenced by the 97.9% of South Koreans that have made or received a digital payment. This digital-first environment ensures reliable and speedy transactions for consumers and provides businesses with the stable connectivity required for high-volume payout processing.
This trend aligns with global movements towards cashless economies, underpinned by advancements in payment technologies and evolving consumer behaviors. It presents an opportune moment for businesses to adopt Runa's digital payout infrastructure to meet this demand, enhance customer satisfaction, and expand their market reach.
Understanding consumer loyalty and behavior in South Korea
Engaging with South Korean consumers goes beyond offering digital convenience. It requires an understanding of the nuances of consumer loyalty and behavior. Insights from Euromonitor International highlight a key trend: 60% of consumers in the Asia-Pacific region participate in transactional loyalty programs for discounts or offers.
However, in a market overflowing with options and consumers often enrolled in several programs, businesses face a challenge known as loyalty program points liability. This situation occurs when customers don't redeem their accumulated reward points, leading to potential financial issues for companies. Unredeemed points mean a missed chance to encourage customers to return and an ongoing expense.
The consumer landscape in South Korea is evolving with the rise of “zero consumers”. These shoppers are known for their diverse shopping channels, careful spending, low brand loyalty, and a strong focus on sustainability and health, making up 67% of the market. A McKinsey survey underscores a significant trend: 76% of South Koreans are willing to change brands for better deals, highlighting the importance of developing loyalty programs that offer more than just transactional rewards.
Runa’s role in the future of digital payouts in South Korea
By leveraging Runa to offer personalized digital payouts, rewards, and incentives, businesses can stand out in a crowded market and foster deeper relationships with South Korean consumers. Here’s how Runa stands to empower your business:
Effortless 24/7 currency conversion: The digital economy waits for no one. With Runa FX, your business gains the agility to operate across borders with ease. Convert to South Korean Won in real-time, ensuring your transactions are both timely and cost-efficient. Say goodbye to the traditional banking hours and high conversion fees. Runa FX means your business is as fast and flexible as the market demands, allowing you to maximize your returns on international payouts.
Diverse payout options: Your recipients are diverse, and so are their preferences. Runa’s expansion into South Korea means you can now access a broader range of payout options, including popular local merchants like Emart, Lotte GRS, and Yogiyo. This addition expands the Runa Network to over 3,000 global payout options, ensuring you can cater to your recipients' unique tastes and needs, wherever they are.
Seamless integration with the Runa API: Efficiency is key in today’s on-demand world. Runa’s API integration is designed to be as straightforward as it is powerful, enabling you to access a comprehensive suite of payout options with just a few lines of code. This means less time spent managing payout logistics and more time to focus on scaling your operations and exploring new growth opportunities.
Why this matters for your business
Embracing Runa’s innovative digital payout platform puts your business at the forefront of South Korea's digital transformation. By partnering with us, you leverage our technology and expertise in navigating the complexities of the digital economy. This strategic advantage allows you to enhance operational efficiency, deepen customer engagement, and expand your market reach in one of Asia’s most advanced digital landscapes.
Want to see what’s possible with Runa? Schedule a demo with one of our payout experts.
