(Yonhap)
South Korean e-commerce giant Coupang Inc. is preparing the groundwork to expand Coupang Pay beyond its own platform by entering the external simple-payment market.
According to industry sources on Thursday, Coupang recently began hiring for positions in Coupang Pay’s Channel Strategy and Partnerships division. The new hires are reportedly expected to handle the expansion of B2B partnerships and the discovery of new payment channels.
The move is widely seen as a sign that Coupang Pay aims to move beyond its current in-house service-centered payment structure and expand to external merchants and platforms.
Currently, Coupang Pay is primarily used within Coupang’s own ecosystem, including Coupang and Coupang Eats.
Industry analysts believe Coupang is likely to adopt a selective first launch strategy targeting specific industries or channels rather than pursuing a full-scale rollout from the beginning.
Similar to how Naver Pay rapidly secured offline payment users through convenience stores and franchise outlets, Coupang Pay may also gradually expand through lifestyle-oriented channels, experts said.
“Following Coupang’s personal data leak incident, the pace of business expansion appears to have been somewhat adjusted,” said an industry official. “Recruitment of related experts, however, has continued. Launching first in specific regions or selected merchant channels is also possible.”
If Coupang enters the external payments market, its greatest advantage is expected to be its user base. Leveraging Rocket Delivery, Wow Membership, and Coupang Eats, Coupang has secured platform influence with around 33 million monthly active users. Analysts say its highly loyal customer base could become a major strength in expanding payment services.
However, some insiders predict it may take considerable time for Coupang Pay to firmly establish itself in the market.
Korea’s simple-payment sector is already heavily dominated by Naver Pay, Kakao Pay, and Toss. Offering payment functionality may not be enough to attract users, with tangible benefits such as reward points and discounts likely to become the key competitive factor, insiders said.
Analysts noted that Coupang Eats itself had relatively limited market presence before aggressively introducing its free-delivery policy. They said without differentiated benefits, Coupang Pay’s early expansion could face limitations.
“Coupang Pay’s membership base itself is already quite large, but since the market is nearing saturation, simply entering the market will not easily change the competitive landscape,” said another industry official. “Ultimately, the key will be how strong its benefits and customer lock-in effects are.”
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