Used Goods Trading Platform Takes Steps to 'Enhance Safety' in Peer-to-Peer Transactions

HelloMarket Allows Only Contactless Transactions via Safe Payment Solution 'HelloPay'
Bungaejangter Signs Technology Mutual Cooperation MOU with S2W LAB (S2W LAB)

[Asia Economy Reporter Kim Cheol-hyun] Secondhand trading platforms are taking various measures to enhance safety and trust in transactions between members. This is because the number of users engaging in secondhand trading is increasing amid the prolonged economic downturn caused by the novel coronavirus disease (COVID-19), raising users' concerns about transaction safety.

HelloMarket has abolished direct transactions between members and switched to a 100% non-face-to-face transaction platform. Until now, secondhand trading users were allowed both face-to-face transactions by meeting offline and non-face-to-face transactions using parcel delivery, but from now on, only non-face-to-face transactions will be permitted. Sellers can register products only through non-face-to-face transactions, and communication between members for direct transactions is not allowed.

HelloMarket plans to eliminate the risks of direct transactions by transitioning to non-face-to-face transactions and provide 100% safe secondhand trading. The core components are 'HelloPay' and 'HelloParcel.' HelloPay is a secure payment solution where the transaction amount paid by the buyer is held by HelloMarket and released to the seller once the transaction is completed without issues. If the buyer does not receive the item or receives a different item, the transaction amount is refunded to the buyer. Additionally, HelloMarket requires sellers to specify who bears the parcel delivery fee when registering products. HelloParcel allows users to send parcels nationwide for 2,000 KRW regardless of weight when using nearby CU convenience stores, and a flat rate of 3,000 KRW for home pick-up delivery.

Bungaejangter has signed a 'Technical Agreement to Strengthen Trust in Peer-to-Peer Transactions' with S2W LAB, a big data security specialist company. S2W LAB is an AI security company established in 2018, led by network security researchers from the Korea Advanced Institute of Science and Technology (KAIST). It holds numerous international papers and patents with technology that tracks and analyzes cyber threats, and within two years of its founding, it has secured major domestic and international intelligence agencies such as Interpol and the Cyber Command as clients.

Through this collaboration, Bungaejangter plans to apply the latest security technologies to secondhand trading. Specifically, it will introduce technology to block sign-ups using personal information leaked through external channels, recognize and block fraud-inducing patterns based on AI, detect and track organized fraud crimes, and cooperate with investigative agencies. An industry insider said, "To strengthen trust in the increasingly expanding peer-to-peer secondhand trading market, each company is making efforts to develop technology through various methods."

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