Bungaejangter, 1Q Transaction Volume Up 43% YoY... "Impact of Increased Contactless Transactions"

"Rapid Growth Through Contactless Transaction Support Services Such as Secure Payment and Delivery Discounts"

[Asia Economy Reporter Kim Heeyoon] Bungaejangter announced on the 2nd that it recorded the highest-ever transaction amount in the first quarter of this year. Bungaejangter's transaction amount in the first quarter of this year was 369 billion KRW, a 43% increase compared to the same period last year. This represents an approximate 10% increase per quarter. Bungaejangter has strengthened its position as a secondhand trading platform by achieving annual transaction amounts of 650 billion KRW in 2017, 800 billion KRW in 2018, and 1 trillion KRW in 2019.

In April, the number of new app sign-ups and monthly active users increased by 70% and 39%, respectively, compared to the same month last year. The number of newly registered products per month also increased by more than 60% compared to the same month last year. Notably, among users in the first quarter, the MZ generation (Millennials and Generation Z) accounted for about 60% of the transaction amount, drawing attention.

The transaction amount of Bungaejangter's secure payment service, BungaePay, in the first quarter of this year was approximately 29.8 billion KRW, growing more than 150% compared to the same period last year. The secure payment system received great responses from both sellers and buyers, serving as a foundation for activating high-priced secondhand transactions nationwide.

Amid the recent increase in demand for non-face-to-face transactions due to the impact of the novel coronavirus disease (COVID-19), providing a convenient non-face-to-face transaction support system has also been a factor in rapid growth. Lee Jaehoo, CEO of Bungaejangter, said, "Continuous investment in safe non-face-to-face transaction experiences such as BungaePay and courier services has led to steady growth," adding, "We will do our best to become a trading platform where anyone can sell valuable items."

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