Coupang’s estimated payment volume as of December 2023 was $3.2 billion (KRW 4.275 trillion), the highest in its history. This is an increase of 23% from the estimated payment volume of $2.603 billion (KRW 3.4825 trillion) as of December 2022, and the estimated payment volume has been steadily increasing every year for the past 18 years.
Coupang’s delivery service, Coupang Eats, also recorded its largest estimated payment of $218 million (KRW 291.5 billion) in December 2023. After the introduction of the 10% discount on WOW membership in April 2023, the estimated payment volume surged, increasing by 93% from December 2022.
In addition, Coupang’s online video service (OTT), Coupang Play, reached a record high of 14.57 million installs and 7.66 million app users in December 2023, becoming the first domestic OTT app outside of Netflix to surpass 7 million users.
The above research was conducted by WiseApp-Retail Goods, a mobile application and retail analytics company, to estimate the amount of money spent by South Koreans aged 20 and over on credit cards, debit cards, bank transfers and mobile phone micropayments, based on details shown in consumers’ payment history. It does not include corporate card payments, corporate remittances, business-to-business transactions or simple payments.
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