Payhere: "Overseas Card Payments in Seoul Up 35.6%"

Announcement of Foreign Consumer Trends in the Second Half of the Year

Payhere, an integrated store management platform, announced on December 18 that overseas card payments in Seoul increased by 35.6% year-on-year in the second half of this year. As more foreign tourists seek to experience daily life in Korea, major sectors such as character goods, Korean cuisine, and beauty have all shown steady growth.

Payhere analyzed that the surge in consumption of K-content has driven the increase in overseas card payments. Consumption of 'character goods' such as stationery and accessories jumped 11.9 times compared to the previous year, ticket reservations for performances increased 3.1 times, and purchases of folk crafts and gift items rose 2.8 times. This suggests that K-culture consumption is diversifying, with foreign tourists not only attending performances but also purchasing goods that reflect Korean culture.

Spending on Korean cuisine and cafes also saw significant growth. Transactions in 'Korean cuisine, set menus, and traditional Korean dining' increased 1.8 times year-on-year, while 'chicken specialty restaurants' rose 1.3 times. Additionally, 'coffee shops' recorded a 2.3-fold increase, 'bakeries' 1.6 times, and 'ice cream' 1.8 times, indicating growth in the dessert category as well. The K-beauty and wellness sectors also posted remarkable gains. 'Hair salons' saw a 3.1-fold increase, while 'makeup and skincare' rose 2.3 times. Service-oriented consumption also expanded, with 'nail care' up 1.3 times, 'hospitals' such as dental and dermatology clinics up 1.7 times, and 'obesity and skincare management' up 1.2 times.

In terms of the share of payments by region in Seoul, Seongsu-dong ranked first, accounting for 24.5% of the total, followed by Hongdae (20.5%) and Itaewon (8.8%). These three areas, which are densely packed with experiential content such as pop-up stores, large cafes, and cultural performances, accounted for more than half of all payments.

A foreign tourist is making a payment through the Payhere terminal. Payhere

Usage of Payhere's Tax Refund Service (TRS) is also on the rise. During the same period, total refunds processed through the 'Payhere Terminal' card device increased approximately 2.7 times year-on-year. The system allows customers to scan their passports with the terminal's built-in camera, automatically entering their information and deducting VAT from the payment amount. This enables customers to enjoy immediate discounts at stores without the hassle of claiming refunds at the airport. In fact, retail merchants that have adopted this service have seen their foreign customer sales nearly double.

Park Joonki, CEO of Payhere, said, "As demand from foreign tourists has surged, starting from major areas in Seoul and expanding to tourist destinations such as Jeju, Gyeongju, and Busan, inquiries about the tax refund service have also increased." He added, "We will continue to strengthen various features that help capture foreign sales."