South Korea’s cross-border e-commerce market is struggling to attract international buyers due to complex user registration and limited payment options.

According to a report released by the Bank of Korea on Monday, direct purchases by local consumers from overseas platforms rose from 2.2 trillion won ($1.58 billion) in 2017 to 8.1 trillion won in 2024.

In contrast, reverse direct purchases, or foreign consumers buying from Korean platforms, increased only modestly from 600 billion won to 1.6 trillion won over the same period, the report said.

The central bank cited cumbersome registration processes as a key obstacle.

Most domestic platforms require identity verification using a local mobile phone number, effectively preventing non-residents from signing up.

“There is no legal or regulatory basis for requiring mobile phone verification,” the BOK said. “Yet platforms continue to rely on it, creating unnecessary barriers for overseas users.”

Global e-commerce platforms typically allow sign-ups using email addresses or SMS-based verification, making the process more accessible.

The BOK also pointed to limited payment options as another constraint.

Many local platforms do not accept widely used international payment methods such as Visa, Mastercard, PayPal, or Alipay, making it difficult for foreign consumers to complete purchases.

The BOK recommended that the platforms simplify user registration, expand payment options, and improve logistics services for international customers.

It added that enhancing product competitiveness and providing reliable delivery and customer service would be key to attracting foreign demand.

[ⓒ 매일경제 & mk.co.kr, 무단 전재, 재배포 및 AI학습 이용 금지]