GS Retail (007070.KS) said Thursday that its proprietary simple payment service, GS Pay, is approaching 7 million subscribers about five years after its launch.
GS Pay is a simple payment service that can be used across all GS Retail channels, including convenience stores, home shopping, and supermarkets. Using QR scanning, customers can complete payment, apply coupons, earn points, and issue receipts in a single step.
Since its launch in 2021, the service has grown its subscriber base by an average of 90 percent annually. While users in their 20s and 30s dominated signups in the early stage, the share of customers in their 50s and 60s has recently risen to about 30 percent, GS Retail said.
GS25 also said a lock-in effect has been confirmed, with the repurchase rate of GS Pay users 1.6 times higher than that of regular customers and their average spending per visit roughly double.
"GS Pay is a core tool that goes beyond simple payment to connect all of GS Retail's online and offline channels and implement customized marketing," a GS Retail official said. "Through differentiated benefits and an upgraded payment experience, we will strengthen our competitiveness as the closest lifestyle and culture platform."
