Coupang and Baemin Record Highest Ever Payment Amount Last Month

WiseApp August Retail Market Analysis Survey Results

[Asia Economy Reporter Kim Cheol-hyun] Major contactless (untact) services such as Coupang and Baedal Minjok recorded the highest payment amounts ever last month, when the spread of the novel coronavirus infection (COVID-19) was severe, according to a survey.

On the 29th, app and retail analysis service WiseApp announced the results of a survey on payment amounts at about 2,300 major retail services frequently used by Koreans in August. The survey sampled amounts paid by Korean individuals aged 20 and over from January 2018 to August this year using credit cards, debit cards, account transfers, and mobile micropayments at about 2,300 major retail services. Payments made by corporate cards, corporate account transfers, inter-company transactions, cash transactions, and gift certificates were excluded based on consumer payment records.

The common factor among the retail sectors that recorded the highest payment amounts ever in August was contactless, online transactions. In the case of Coupang, which operates online shopping and delivery services, the payment amount by individuals aged 20 and over last month was estimated at a record high of 1,968.7 billion KRW. This is the highest since WiseApp began its survey in January 2018. In addition, payment amounts for online and offline retail services such as Baedal Minjok, E-Mart Traders, Yogiyo, Market Kurly, Domino's Pizza, and Oneul-ui Jip also recorded all-time highs, according to the survey.

A WiseApp official said, "As consumer purchasing behavior in the COVID-19 era has shifted from face-to-face to contactless, payment amounts for major delivery services, internet services, and internet shopping have shown a steady increasing trend this year."