Coupang, Naver Lead South Korean Retail Card Spending in H1

South Korean consumers spent the most using credit and check cards at Coupang in the first half of 2024, establishing the e-commerce giant as the top retail brand for card payments. Naver/Naver Pay closely followed, with Baemin (Delivery Nation) securing the third position, highlighting the dominance of online platforms in consumer spending.

Data from WiseApp/Retail, a market analysis firm specializing in app and payment data, revealed that Coupang's average monthly estimated payment value served as the benchmark (100). Naver/Naver Pay registered 96.5, demonstrating a narrow gap. Other major online players like Gmarket/Auction followed, alongside convenience store chains GS25 and Lotte Department Store, indicating a diverse but online-centric spending landscape.

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Coupang's payment estimated amount was set as the standard at 100, with Naver/Naver Pay closely following at 96.5.

While online platforms led in total spending volume, convenience stores like GS25 recorded the highest number of individual payers, with 34.24 million users. CU followed with 33.32 million, and Coupang with 26.1 million. This suggests that while large purchases might be concentrated on platforms like Coupang, frequent, smaller transactions are common at convenience stores.

The analysis, based on credit and check card payment data from January to June, excluded transactions made via bank transfers, cash, gift certificates, or through partner companies. WiseApp/Retail clarified that these figures represent estimated payment values and may differ from actual corporate sales.

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GS25 had the highest number of monthly average payers at 34.24 million people.