Saving Small Change for Pocket Money... 'Jjantech' Rising Alongside 'Apptech'

'App Tech' Trend in the Era of High Inflation
1 in 2 MZ Generation Members Say They Have Tried 'App Tech'

Photo by Pixabay.

[Asia Economy Reporter Heo Midam] Recently, 'app-tech,' which involves earning additional income using smartphone apps, has been gaining attention. App-tech is a combination of the words application and finance, referring to earning small amounts of savings or coupons by completing missions such as watching advertisements through apps. Although only small amounts, usually between 10 to 100 won, are paid each time a mission is completed, the interest from the 'Jjantech' group, who try to save even small change in this era of high inflation, continues.

Recently, office worker Ko Yesung (26, pseudonym) installed a 'pedometer app' that accumulates points based on the number of steps taken. She said, "I often go for walks with my dog, and being able to earn money while walking is killing two birds with one stone," adding, "Although the amount is small, if you use the app regularly, you can easily earn enough for a cup of coffee."

App-tech is easily accessible to anyone using a smartphone, making the entry barrier low. Also, since income can be earned regardless of time or place, it is considered a financial technique that students, housewives, and office workers can engage in without burden.

In particular, app-tech is gaining great popularity mainly among the younger generation familiar with digital devices. According to the '2022 MZ Generation Investment Awareness Report' published last month by Hanwha Investment & Securities, among the MZ generation (Millennials + Generation Z), the most common financial and investment methods they have tried were savings and deposits (64%), followed by stocks (54%), and app-tech (53%) ranked third. This means that one out of two MZ generation individuals have tried app-tech.

In response to this trend, related industries are introducing various types of services to make participation more enjoyable for users. There are various types of apps, from those that accumulate points based on walking to those that give points through quizzes or games.

Welcome Savings Bank launched the healthcare service 'Wellbang Walking' last month. If the cumulative number of steps exceeds 50,000, rewards are paid directly in cash to the customer's account without fees. If you walk more than 200,000 steps in a month, you can receive up to 3,000 won.

There are also apps where you can earn points through games. Shinhan Card operates 'pLay Arcade' on its integrated payment platform, the Shinhan pLay app. Here, you can play four mini-games, and points that can be used like cash are provided according to the ranking.

Experts predict that the Jjantech craze will continue as inflation persists. Professor Lee Eunhee of Inha University's Department of Consumer Studies said, "A few years ago, 'YOLO (You Only Live Once),' which means 'let's enjoy the present,' was popular. At that time, real estate prices and other costs were not as high as they are now," adding, "However, as prices have risen recently, most people's real income has decreased. Ultimately, the younger generation has chosen Jjantech to prepare for the future. The Jjantech trend is expected to continue."

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