Baemin Pay Surpasses 10 Million Subscribers in 3 Years

600 Million Orders and Payments Over 3 Years

[Asia Economy Reporter Kim Cheol-hyun] One in five South Koreans has used Baemin Pay, the simple payment service of Baedal Minjok (Baemin). Woowa Brothers, the operator of Baemin (CEO Lee Guk-hwan), announced on the 9th that the cumulative number of Baemin Pay subscribers has surpassed 10 million. This achievement was made in just over three years since its launch. Baemin Pay exceeded 1 million users within five months of its release in April 2020, and surpassed 5 million cumulative users in one year and five months.

Launched in November 2019, Baemin Pay is a simple payment service available within the Baedal Minjok app. Compared to general credit cards and other simple payment methods, it reduces the process by up to seven steps, allowing easy ordering and payment. When comparing payment times between Baemin Pay and other payment methods, Baemin Pay takes about 7 to 8 seconds, whereas general credit card payments take about 40 to 41 seconds, reducing the time by approximately 33 seconds.

Woowa Brothers also disclosed Baemin Pay usage statistics. Among Baemin members, 45% have subscribed to Baemin Pay, and users pay 1.5 times more frequently with Baemin Pay than with other payment methods. Additionally, one-quarter of all orders in 2022 were paid through Baemin Pay. The cumulative number of transactions over the three years since launch exceeds 600 million.

Choi Seong-gil, Head of Order Payment and Settlement Product at Woowa Brothers, said, "We will continue to advance Baemin Pay to make it a fintech service that customers can easily trust and use."