SettleBank Expands Territory into Dawn Delivery Payment Market... Partnership with 'Oasis Market'

[Asia Economy Reporter Hyunseok Yoo] Fintech company SettleBank announced on the 22nd that it will provide its simple cash payment solution to Oasis, a dawn fresh delivery specialist company, for its dawn delivery service ‘Oasis Market’.

SettleBank is expanding its service area in the simple cash payment sector for dawn delivery by supplying its simple cash payment solution to ‘Oasis Market’ following last year’s supply to ‘Dongwon Home Food’.

Oasis recorded an operating profit of about 1 billion KRW last year, making it the only company in the same industry to achieve an operating surplus. The main factor is considered to be its affordable price strategy through direct transactions with producers, differentiated from the premium strategies of other dawn delivery companies.

Dongwon Home Food, which also adopted SettleBank’s simple cash payment solution, has secured a dominant position in the home meal replacement (HMR) sector through continuous expansion of partner companies since starting dawn delivery last year.

The dawn delivery market is showing rapid growth, driven by consumer trends that prioritize fast delivery and convenience. In particular, this trend is expected to accelerate further due to the increase in online shopping and contactless payment following the recent COVID-19 issue.

According to the analysis of payment details for ‘ingredient dawn delivery’ announced by KB Kookmin Card in December last year, the average daily number of payments for ingredient dawn delivery in the second quarter of 2019 increased by 414.1% compared to the first quarter of the previous year. Also, the Ministry of Trade, Industry and Energy announced in January of the same year that online shopping mall sales in 2018 increased by nearly 16%, supported by the introduction of convenience features such as dawn delivery and simple payment.

SettleBank stated, “Dawn delivery is establishing itself as a new form of distribution trend driven by consumers who have experienced the convenience of contactless consumption, and SettleBank will provide customized cash payment systems tailored to the characteristics of partner companies in each sector through its simple cash payment solution.”

Meanwhile, SettleBank is laying the groundwork for entering the overseas payment market by collaborating with Asia’s largest electronic payment company ‘AsiaPay’ and global electronic payment service company ‘MC Payment’. In addition, it is steadily expanding its simple cash payment service area by supplying simple cash payment solutions to companies such as Korail and Cashbee.

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