Payments/KP
Korea, Democratic People's Republic of
ISO KP · 2 schemes
Summary
- Narae Card national electronic payment card
- Multiple e-wallets emerging (Manmulsang, Saebyol, Samhung)
- State-controlled payment system
- 2024 expansion of wage payments via cards
- Limited adoption due to infrastructure constraints
Banking landscape
Central Bank
- Name: Central Bank of the DPRK
- Role: Monetary policy, payment oversight
- Structure: State-controlled banking
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Central Bank | State | Narae Card |
| 2 | Foreign Trade Bank | State | Limited |
| 3 | Korea Kwangson Bank | State | Limited |
| 4 | Daesong Bank | State | Limited |
Market Structure
- State-controlled: All banking operations
- Narae Card: Primary electronic payment
- Limited access: International isolation
- Growing digitization: Recent card expansion
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Narae Card | State | Electronic card | Active |
| Manmulsang | Private | E-wallet | Active |
| Saebyol | Private | E-wallet | Active |
| Samhung | Private | E-wallet | Active |
Narae Card Features
- Electronic payment card
- Salary payment delivery
- Public transport usage
- Store purchases
2024 Developments
- Wage payment expansion via Narae Card
- New e-wallet applications
- Factory/enterprise integration
- Urban area adoption
QR code standards
QR Payment Status
| Attribute | Value |
|---|---|
| National QR | Not established |
| Wallet QR | Limited/developing |
| Adoption | Minimal |
| Infrastructure | Emerging |
E-Wallet Applications
- Manmulsang (Universal)
- Saebyol (Dawn Star)
- Samhung (Three Prosperity)
- Ulim (Resonance)
Wallet Features
- Mobile payments
- Balance checking
- Transfer capabilities
- Limited merchant network
Limitations
- Internet restrictions
- Infrastructure constraints
- International isolation
- Limited smartphone penetration
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Manmulsang | Private | Limited | E-wallet |
| Saebyol | Private | Limited | E-wallet |
| Samhung | Private | Limited | E-wallet |
| Ulim | Private | Limited | E-wallet |
App Characteristics
- Domestic development
- Intranet-based operation
- Limited functionality
- State oversight
Technology Constraints
- No international app stores
- Domestic OS (Red Star)
- Limited smartphone availability
- Restricted connectivity
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Narae Card | Card | State | Limited | narae-card |
| E-wallets | Mobile | Domestic | Emerging | — |
Sources
- Wikipedia - Economy of North Korea
- NK News - North Korea payment systems
- 38 North - Economic analysis
- Reuters - North Korea sanctions
- Academic research - DPRK financial systems
- Defector testimonies - Payment methods
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2