Bungaejangter's Secure Payment 'BungaePay' Surpasses 1 Trillion Won in Cumulative Transactions
2022 Transaction Volume Grows 35% Compared to Previous Year
Bungaejangter (co-CEOs Kang Seung-hyun and Choi Jae-hwa) announced on the 10th that its secure payment system, Bungae Pay, has surpassed a cumulative transaction amount of 1 trillion KRW. Since its introduction in April 2018, Bungae Pay has continued to grow rapidly, recording a cumulative transaction amount of approximately 1.1 trillion KRW as of April this year. In particular, last year, with the launch of 'Bungae Care,' a total care service for secondhand transactions that allows safe trading of luxury goods and sneakers, the transaction volume of Bungae Pay increased by about 35% compared to the previous year.
The category with the most active Bungae Pay transactions is fashion, accounting for 39% of total transactions last year. This was followed by digital and home appliances (23%) and sports and leisure (9%), which recorded high transaction volumes. Additionally, while the usage rate of Bungae Pay for transactions under 100,000 KRW was around 30%, it rose to 77% for transactions between 1 million KRW and 5 million KRW. This increase in high-priced item transactions, along with the higher usage rate of Bungae Pay, is analyzed to have significantly driven the growth trend.
Bungae Pay is an escrow-based secure payment service provided by Bungaejangter, where Bungaejangter protects the buyer’s payment amount and immediately settles with the seller upon purchase confirmation. It allows safe and convenient transactions without concerns about non-shipment or exposure of bank account numbers, resulting in a reuse rate of 63%. The cumulative number of users is 1.85 million.
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Choi Jae-hwa, CEO of Bungaejangter, said, "As the secondhand fashion market grows, the transaction volume of Bungae Pay has significantly increased by focusing on advancing related services, including Bungae Care. Bungaejangter, as a leading secondhand trading platform in Korea, will continue to make efforts to build infrastructure to enhance user satisfaction with the goal of stress-free secondhand transactions."
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