[Click eStock] "Danal, No.1 Mobile PG Market Share on Coupang... Also Benefits from Bitcoin"

Benefits from Increased Contactless Consumption Due to COVID-19
Mobile Payments Popular Among Groups Facing Difficulties Using Credit Cards and Simple Payments
Cryptocurrency Payment Platforms Highlighted Amid Bitcoin Popularity

[Asia Economy Reporter Minwoo Lee] Danal, the number one mobile phone electronic payment gateway (PG) provider within Coupang, is expected to emerge as a key beneficiary of Coupang's IPO.

On the 16th, KTB Investment & Securities forecasted that Danal, a comprehensive PG company covering mobile payments, credit cards, virtual currencies, and simple payments, will establish itself as a payment beneficiary following Coupang's listing on the U.S. stock market.

Previously, Danal recorded cumulative sales of 171.7 billion KRW and operating profit of 12.1 billion KRW through the third quarter of last year, driven by increased non-face-to-face (untact) consumption due to COVID-19. These figures represent increases of 20.5% and 5.2%, respectively, compared to the same period the previous year. In particular, mobile payments have been used as an alternative for groups who find card and simple payments difficult, showing a sharp increase in payment amounts on platforms such as Coupang and Baedal Minjok.

Danal is also the top mobile PG provider within Coupang. Following consultations with Coupang this year, its market share within Coupang is expected to expand from 50% to over 60%, reflecting both the increase in Coupang's own transaction volume and the expanded market share within Coupang. Researcher Jaeyoon Kim of KTB Investment & Securities explained, "With heightened expectations for growth due to Coupang's U.S. stock market listing, Danal is expected to benefit from the increase in transaction volume driven by Coupang's growth, combined with its expanding market share."

The new virtual currency (cryptocurrency) business is also progressing rapidly. Through its subsidiary Paycoin, Danal has issued the cryptocurrency Paycoin (PCI), which can be used for real-world payments at its affiliated merchants. The payment platform Pay Protocol for Paycoin has surpassed 900,000 members, more than tripling since early last year. Currently, it has secured about 60,000 affiliated merchants, leading the domestic cryptocurrency payment platform market.

Researcher Kim stated, "With Tesla's investment in Bitcoin and the current trend of cryptocurrencies evolving to a level where they can be used for real-life payments, the value of Danal's preemptive cryptocurrency payment platform is increasing," adding, "In the future, Pay Protocol can support real-world payments for major coins such as Bitcoin and Ethereum, so benefits from Bitcoin price increases are also expected."

This content was produced with the assistance of AI translation services.