Hanpass Leads the Industry in Cross-Border Remittance Users

Hanpass, a foreign financial platform, continues to maintain its No. 1 position in the domestic cross-border remittance industry, outpacing competitors by 2 to 3 times in various user metrics such as subscribers and monthly active users (MAU).

As of September 23, Hanpass announced that it has approximately 1 million registered users, which is about twice as many as its competitors. Its MAU stands at 550,000, nearly three times the 190,000 users seen by competitors, and monthly active payment users (MAPU) reached 250,000, surpassing the approximately 130,000 of rivals.

On this basis, Hanpass recorded around 600,000 monthly remittance transactions and a monthly remittance amount of about 440 billion won this year. According to its own estimates, its market share is approximately 22%. The business beyond remittance has also grown. The transaction volume of new, non-remittance businesses such as wallets and prepaid cards increased from 1.1 billion won in 2021 to 265.3 billion won last year. Currently, non-remittance revenue accounts for more than 20% of the company's total revenue.

Proactive investments in the platform have also continued. Since 2022, the company has invested about 15 billion won each year in expanding payment and telecommunications services targeting foreign nationals. The plan is to secure a commanding lead in the overall lifestyle economy of foreigners in Korea, a market estimated to be worth around 150 trillion won.

As a result, non-remittance revenue in the first half of this year reached 7.29 billion won, accounting for 23.2% of total revenue and marking a year-over-year increase of 21.1%. The company explained that by increasing the revenue contribution from non-remittance businesses, it is diversifying its income structure beyond its traditional remittance-focused business model.

A Hanpass representative stated, "Our strategy of focusing on building a foreign customer base and establishing a strong platform ecosystem over short-term profits for several years is now translating into business results. Leveraging the platform competitiveness built up in the domestic market, we will expand our loan brokerage services and accelerate entry into major Asian countries, taking a leap forward as a global cross-border financial platform."

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