Coupang Recorded KRW 21.7 Trillion in Payments Last Year, Up 41% YoY

Estimated Payment Amount for December, Maximum Monthly Payment Amount in the Past 3 Years

[Asia Economy Reporter Kim Cheol-hyun] It is estimated that the amount paid on Coupang last year was approximately 21.7 trillion KRW. This represents a 41% increase compared to 2019. The expansion of non-face-to-face (untact) consumption due to the novel coronavirus infection (COVID-19) is interpreted as the driving force behind Coupang's rapid growth.

On the 12th, app analytics service WiseApp announced the estimated payment amount for Coupang last year, including this information. According to WiseApp's sample survey of credit card, debit card, account transfer, and mobile micropayment amounts of Koreans aged 20 and over, the estimated payment amount for Coupang last year was 21.7485 trillion KRW, a 41% increase compared to the estimated payment amount of 15.4106 trillion KRW in 2019.

Coupang's monthly payment amount steadily increased throughout last year. It grew from about 1.5 trillion KRW in January to about 2.3 trillion KRW in December. In particular, the payment amount in December was found to be the highest monthly payment amount recorded in the past three years.

The number of Coupang app users also increased. According to WiseApp's sample survey of Android smartphone users aged 10 and over in Korea, the monthly users of the Coupang app are estimated to have risen 20%, from 12.87 million in December 2019 to 15.43 million in December last year. The monthly users of the Coupang Eats app also surged 900%, from 210,000 in December 2019 to 2.1 million last December.

The estimated payment amount for Coupang includes amounts from the comprehensive shopping mall Coupang and the delivery service Coupang Eats. It is based on the details displayed in consumers' payment records. Payments made via corporate cards, corporate account transfers, and business-to-business transactions are not included, but VAT is included. WiseApp stated that Coupang's payment amount differs from Coupang's sales revenue.