'Jin Ok-dong's Experiment'... Shinhan Bank Launches Neighborhood Delivery App Service 'Ttaenggyeoyo'

[Asia Economy Reporter Kwangho Lee] The first delivery application (app) in the financial sector has been launched. From now on, Shinhan Bank customers will be able to use food ordering services similar to Baedal Minjok. Attention is focused on whether Jin Ok-dong, the bank president's experiment to transform into a lifestyle financial platform, will succeed.

Shinhan Bank announced on the 22nd that it has opened the beta service of 'Ttaenggyeoyo,' the financial sector's first delivery app, by promoting a food order brokerage platform business designated as an innovative financial service.

Ttaenggyeoyo can be used through the Ttaenggyeoyo app available on Shinhan SOL and the Google Play Store for Android devices. It is currently available in six districts: Gwangjin-gu, Gwanak-gu, Mapo-gu, Gangnam-gu, Seocho-gu, and Songpa-gu in Seoul.

Installation on the iPhone operating system (iOS) App Store and expansion of service areas will be carried out sequentially later. The improved Ttaenggyeoyo app through the beta service plans to open the full service on the 14th of next month along with various events.

Ttaenggyeoyo pursues a win-win delivery app with the slogan "Our neighborhood delivery app where you live and I live," providing benefits to all platform participants including users, small business franchisees, and delivery riders.

The benefits provided to users start with discount coupons. A 5,000 KRW coupon is offered for the first order, and after the first order delivery is completed, an additional 5,000 KRW coupon can be used for the second order.

Jin Ok-dong, President of Shinhan Bank

Ttaenggyeoyo app also offers various benefits depending on the payment method. When paying with the Ttaenggyeoyo exclusive credit card, which can be issued through the Ttaenggyeoyo app and others starting January next year, 10% of the payment amount can be accumulated as My Shinhan Points. Seoul Love Gift Certificates, which can be used for payment, can be purchased at a 10% discount, the standard for local currency discounts. Rewards are also provided by accumulating up to 1.5% of the order amount as Ttaenggyeoyo points based on prepaid charging, account payment, and customer grade reflecting the number of orders.

For franchisees, benefits start with no entrance fees or advertising costs, and the brokerage commission rate is minimized to an industry-low 2%, reducing the burden on small business owners. For example, if the monthly sales are 5 million KRW, applying the average brokerage commission of 11.4% from existing delivery apps, the franchisee receives 4.43 million KRW, but applying Ttaenggyeoyo app's 2% brokerage commission, the franchisee receives 4.9 million KRW.

In addition, by establishing its own electronic payment agency system, same-day sales settlement is possible without separate interest or fees, providing fast settlement that greatly helps small business owners' cash flow.

A Shinhan Bank official said, "Ttaenggyeoyo focuses on realizing coexistence in the delivery platform by providing beneficial benefits to all platform participants rather than profits from the business."

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