GS Retail Surpasses 500,000 GS Pay Subscribers... "Increased Visit Frequency and Purchase Amount"

According to GS Retail on the 12th, the cumulative number of GS Pay subscribers, launched in August last year, surpassed 500,000 by the end of last year.

[Asia Economy Reporter Lim Chun-han] GS Retail announced on the 12th that the cumulative number of GS Pay subscribers, launched in August last year, surpassed 500,000 as of the end of last year. Since the launch of GS Pay, it has attracted more than one customer every 25 seconds, surpassing 500,000 cumulative subscribers in just 143 days.

GS Pay is a simple payment fintech system introduced by GS Retail in partnership with KB Kookmin Bank and KG Inicis. By linking a credit card or payment account to GS Pay just once, customers can enjoy convenient shopping with one-click payment on GS Retail’s online and offline platforms. It features industry-leading convenience and security, including a service that allows one-click payment without entering a password for payments under 100,000 KRW?the first among retailers?and a payment function applying KB Kookmin Bank’s Financial Transaction Detection System (FDS).

According to GS Retail, GS Pay subscribers use an average of more than 4.1 of GS Retail’s six major online and offline brands. This is 1.6 more brands than general membership customers, who use an average of 2.5 brands. The monthly visit frequency and purchase amount also increased significantly. GS Pay subscribers were analyzed to use GS Retail brands about four times more frequently per month compared to general membership customers. The monthly purchase amount was also recorded at 4.5 times higher.

GS Retail plans to expand the GS Pay customer base to 3 million, six times the current level, within this year. To this end, it is accelerating preparations to expand GS Pay’s partnership areas to third parties, including major affiliates such as GS Caltex, starting with subsidiaries like Grand Intercontinental Seoul Parnas and About Pet.

A GS Retail official said, “GS Pay, launched as our own payment system, is producing concrete results by connecting and expanding synergy across GS Retail’s integrated online and offline commerce,” adding, “We will accelerate digital transformation by advancing fintech, artificial intelligence, and data analytics, and continue to enhance our commerce capabilities.”

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