[AKyung Hit Products] Shinhan Bank's 'Ttaenggyeoyo' Aiming for Top 4 in Delivery Apps

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank's win-win delivery application 'Ttaenggyeoyo' has established itself in the food order brokerage market just over a year after its service launch, aiming to become part of the 'Big 4' system.

According to the financial sector on the 22nd, Ttaenggyeoyo is a delivery app with the slogan "Our neighborhood delivery app where you live and I live too," pursuing a good platform that benefits all participants including customers, small business owners, and delivery riders through low brokerage fees, fast settlement services, and 10% accumulation of usage amounts.

As Ttaenggyeoyo is the first non-financial platform business in Shinhan Financial Group's history, expectations from Shinhan Bank and the group are high. It is a project personally overseen by Jin Ok-dong, the next CEO and Chairman-designate of Shinhan Financial Group, from service planning to launch. Accordingly, Shinhan Bank designated it as an innovative financial service in December 2020 and began business development, opening a beta service last December about a year later to fully launch the business.

Shinhan Bank entered the food order brokerage market because this market has rapidly grown to a scale of 25.6 trillion KRW as of 2021, but conflicts among various stakeholders continue due to the monopolistic platform business structure. From a win-win perspective, Shinhan Bank’s plan is to strengthen the healthiness of the monopolistic delivery app market and play the role of a market catalyst.

Since the service launch, Ttaenggyeoyo has been rapidly establishing its position in the market. According to Mobile Index, as of last October, Ttaenggyeoyo’s monthly active users (MAU) reached 574,638, securing 4th place in the delivery app sector. Although the gap with the existing top three (Baedal Minjok, Yogiyo, Coupang Eats) is significant, it is encouraging considering that the service is currently available only in Seoul, some metropolitan areas, and some large cities. Ttaenggyeoyo also plans to expand its service areas further in the future.

Ttaenggyeoyo’s strength lies in the considerable benefits it offers to all participants. Starting with no entrance fees or advertising costs for franchise stores, it minimizes the burden on small business owners by applying an industry-low brokerage fee rate of 2%. For delivery riders, it launched the first 'Sol Comfortable Thinking Rider Loan' in the first-tier financial sector, providing low-interest benefits and various salary benefits including fee exemptions. Users also receive 10% accumulation and discount benefits on their usage amounts.

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