Coupang Pay has launched a service allowing users to check and apply for KB Kookmin Card loan products.
According to the financial industry on the 4th, Coupang Pay recently began offering a 'loan brokerage service' for all Coupang members, enabling them to view and apply for KB Kookmin Card card loans and personal credit loan limits and interest rates within the Coupang app. This is the first time Coupang has provided loan inquiry and application services to general customers.
It was confirmed that since last month, Coupang Pay has expanded its service to allow even non-members of KB Kookmin Card to apply for loans through its app. Following the initial service targeting holders of the affiliated 'KB Kookmin Wow Card,' the scope has been broadened. KB Kookmin Card customers can apply for both card loans and personal credit loans, while non-members can check and apply for personal credit loans.
KB Kookmin Card launched the co-branded 'Wow Card' with Coupang in October 2023. The Coupang Wow Card surpassed 2 million issued cards within two years of its release, achieving significant success. With Coupang Pay now offering loan brokerage services, the collaboration between the two companies has expanded beyond co-branded cards to include loan product sales.
Coupang is expanding its loan services beyond platform sellers to general customers. Coupang Financial, a subsidiary, sells loan products to platform sellers. In this new loan brokerage service with KB Kookmin Card, Coupang Pay acts as an intermediary, allowing users to check and apply for KB Kookmin Card loan products without directly selling them.
Card loan products are considered one of the key profit sources for card companies on major online shopping platforms. With the introduction of this new service, accessibility to card loans is expected to increase, leading to higher consumer engagement.
Currently, Coupang Pay's loan brokerage service is only available with KB Kookmin Card. However, Coupang Pay plans to sign loan brokerage agreements with multiple financial institutions, aiming to evolve into a service that allows users to compare products from various lenders.
The competition in the financial industry's loan comparison services is expected to intensify. While platforms like Naver Pay, Kakao Pay, and BankSalad have already entered the loan comparison market, the introduction of loan comparison and application services on Coupang—the leader in South Korea's e-commerce market—is anticipated to concentrate loan comparison demand.
An industry insider stated, “If customers can compare financial products from multiple card companies in the future, they will be able to check competitive interest rates on a single platform, significantly enhancing convenience.”
