‘Tal-pang’ Triggered by Coupang... Coupang Card Sales Fell by 5.6 Billion Won a Day

[Financial News] Following a massive personal data leak, Coupang’s daily card payment amount is reported to have fallen by an average of 5.6 billion won per day over the course of about a month.
As consumer disappointment mounted over Coupang’s inadequate follow-up measures and response to the data breach, many users effectively began a so-called “tal-pang” (a wave of users quitting Coupang), which appears to have led to a decline in sales.
On the 14th, The Hankyoreh reported an analysis by the office of National Assembly Planning and Finance Committee member Cha Gyu-geun of the Rebuilding Korea Party, based on data obtained from the Financial Supervisory Service (FSS).
According to Coupang payment records from KB Kookmin Card, Shinhan Card, and Hana Card, Coupang’s average daily card payment amount from November 20 to December 31 last year was 73.1333 billion won. This is a 7.11% decrease compared with the average daily payment amount of 78.69502 billion won recorded from November 1 to 19, just before the data breach became public.
This means roughly 5.6 billion won in card sales evaporated every day during that period. The average number of daily payment transactions over the same period also fell by 7.07%, from 2,525,069 to 2,346,485.
The downward trend in sales was also clear on a monthly basis. In December, Coupang’s average daily payment amount was 5.16% lower than in November. Notably, December is typically a peak season when sales rise for retailers due to year-end demand, yet Coupang alone showed a downturn in sales.
In November last year, Coupang reported a massive data leak affecting about 37.7 million people to the Personal Information Protection Commission (PIPC). After this became public, Coupang drew public outrage by notifying consumers using the term “exposure” instead of “leak” and by proposing compensation coupons that appeared to be used as a marketing tool.
Public anger further intensified when Bom Kim, the company’s de facto owner and chair, refused to appear before the National Assembly of the Republic of Korea, and executives who did attend a hearing displayed inappropriate attitudes. Afterward, the “tal-pang” movement among consumers spread.
Cha Gyu-geun told The Hankyoreh, “Consumers have responded with real action to the negligent management of personal data and the arrogant response by a monopolistic platform company,” adding, “For companies to recognize personal data protection not as a cost but as a matter of survival, the National Assembly of the Republic of Korea must take the lead in introducing strong legal and institutional measures such as a class action system and punitive damages.”
y27k@fnnews.com Seo Yoon-kyung Reporter