Baedal Minjok Records All-Time High in Payment Amount and Number of Payers Last Month

Estimated Payment Amount of 1.9087 Trillion KRW in August This Year

[Asia Economy Reporter Kim Cheol-hyun] Baedal Minjok (Baemin) recorded its highest-ever payment amount and number of payers last month, according to a recent survey. On the 30th, app analytics service WiseApp announced the estimated payment amount and number of payers for Baemin in August.

According to WiseApp, a sample survey of payments made by Koreans aged 20 and over using credit cards, debit cards, bank transfers, and micropayments showed that Baemin's payment amount last month reached 1.9087 trillion KRW, with 15.53 million payers, marking an all-time high.

The payment amount was 533.2 billion KRW in August 2019, 1.0671 trillion KRW in August last year, and 1.9087 trillion KRW this August, representing a 79% increase compared to the same period last year and a 258% growth compared to two years ago. The number of payers was 8.72 million in August 2019, 11.91 million in August 2020, and 15.53 million in August 2021, showing a 30% increase compared to the same month last year and a 78% increase compared to two years ago.

Additionally, Baemin's payers have expanded across all age groups over the past two years. The number of payers by age group in August 2019 was 20s: 36.7% (3.2 million), 30s: 36.9% (3.22 million), 40s: 16.2% (1.42 million), and 50s and above: 10.1% (880,000). However, in August this year, it changed to 20s: 24.7% (3.84 million), 30s: 36.7% (5.7 million), 40s: 23.5% (3.65 million), and 50s and above: 15.1% (2.34 million). In August two years ago, people in their 20s and 30s accounted for more than 73% of all payers, but this year, payments were evenly distributed across all age groups. This is interpreted as an expansion of usage across all generations due to increased demand for delivery food following the spread of COVID-19.

This survey excludes payment amounts from teenagers, phone orders, on-site payments, and simple payments, so the actual payment scale is expected to be larger.