Shinhan Bank said March 16 that Ddaenggyeoyo surpassed 8.5 million cumulative users as of the end of February, four years after its official launch. The total rose by 500,000 in two months after topping 8 million at the end of last year. The number of affiliated merchants has also expanded rapidly, increasing by about 120,000 in a year from fewer than 200,000 at the end of 2024.
Order volume has climbed even faster. Annual orders were under 100 billion won in 2023, rose to 113.6 billion won in 2024, and surged to 669.8 billion won in 2025. Orders totaled 143.2 billion won in the first two months of this year. Some forecasts say annual orders could exceed 1 trillion won if the pace continues.
More than two-thirds of users — 72% — place repeat orders, suggesting the service has built stable customer satisfaction, the bank said.
Ddaenggyeoyo entered a fiercely competitive market dominated by a handful of large platforms, where high brokerage fees and advertising costs have been a major complaint among self-employed business owners. Positioning itself as a public-minded delivery app, Ddaenggyeoyo has focused on local small businesses. While some apps charge brokerage fees of about 9% to 10% plus advertising fees, Ddaenggyeoyo keeps its brokerage fee at about 2% and does not charge advertising fees, the bank said.
In the financial sector, Ddaenggyeoyo’s growth is also being viewed as an example of a bank expanding into everyday financial services. The “Ddaenggyeoyo interest-subsidy loan,” linked to the platform, is aimed at reducing financing costs for affiliated small merchants. The program began in Seoul in July 2025 and, as of February, had issued 2 billion won in Seoul and 3.4 billion won nationwide that month, pushing cumulative lending past 50 billion won.
Shinhan Bank has also expanded related services, including Ddaenggyeoyo savings products, a rider-only check card and promotions such as discount coupons to connect merchants, riders and users.
Lee Eun-hee, a professor of consumer science at Inha University, said Ddaenggyeoyo reduces fee burdens for store owners while offering incentives such as coupons to encourage use. She said the key to sustained growth will be whether the platform can maintain market share boosted by public delivery-app consumer coupons and convert it into a self-sustaining user base.
* This article has been translated by AI.
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