Baedal Minjok's Payment Volume Doubles in the First Half of This Year Compared to Last Year

13.3 Million Payers and Estimated Payment Amount of 1.4362 Trillion KRW in June

[Asia Economy Reporter Kim Cheol-hyun] The payment volume of Baedal Minjok (Baemin) in the first half of this year nearly doubled compared to the first half of last year. On the 3rd, app analysis service WiseApp investigated and announced the estimated payment amount of Baemin for the first half of this year, including this information.

WiseApp explained that, based on a sample survey of amounts paid by Koreans using credit cards, debit cards, account transfers, and micropayments, the estimated payment amount for Baemin in the first half of this year was 8.5591 trillion KRW, an increase of about 94% compared to 4.4172 trillion KRW in the first half of last year.

Also, as of June, it was estimated that 13.3 million people made payments averaging 24,500 KRW per transaction 4.4 times per month, resulting in a total payment of 1.4362 trillion KRW. The number of payers increased significantly after the outbreak of COVID-19, from 7.84 million in June 2019 to 9.89 million in June 2020, and 13.3 million in June 2021.

The distribution of payment amounts by age group for Baedal Minjok in June this year showed that people in their 20s accounted for 25.2%, those in their 30s for 38.4%, those in their 40s for 24.1%, and those aged 50 and above for 12.3%, with the 30s age group making the largest payments.

This survey excludes payment amounts by teenagers, phone orders, on-site payments, and simple payments. This means the actual payment volume is larger. Also, amounts paid by corporate cards, corporate account transfers, inter-company transactions, cash, gift certificates, and simple payments were not included.