South Korea’s Lightning Pay annual transaction volume exceeds 150 billion won, with an annual growth rate of 67%

Lightning Market’s ( second -hand market) Lightning Pay has received a lot of praise in personal transactions, and its market is continuing to grow .

Lightning Market announced on the 14th that the transaction volume of its secure payment system Lightning Pay in 2020 exceeded 150 billion won, an increase of 67% compared to 2019.

Lightning Pay is a secure escrow-based payment service provided by Lightning Marketplace. It is a secure transaction method that stores the amount paid by the seller to prevent fraudulent transactions and then pays the seller when the product is delivered.

Since its launch in 2018, Lightning Pay has continued to grow at an average rate of 150% or more per year. In the second half of last year, Kakao Pay was added to the payment methods and a secure payment campaign was launched. By March 2021, the transaction volume of secure payments reached 20 billion won, becoming the highest transaction volume in a single month.

Compared to June last year , Lightning Pay has grown rapidly in the following nine months, diversifying its payment methods and making it more convenient for consumers to use the secure payment system.

Thanks to the growth of Lightning Pay , the annual transaction volume and application utilization of the "Lightning Market" in 2020 also increased significantly. The annual transaction volume of the "Lightning Market" in 2020 was 1.3 trillion won and the annual sales were 14 billion won.

In particular, monthly sales in December exceeded 2 billion won due to the temporary switch in the second half of the year and the growth of the second-hand mobile phone business .

In December 2020, the monthly active users (MAU) of the "Lightning Market" app increased by 57% year-on-year to 3.4 million, and the daily active app users (DAU) also reached 820,000, an increase of about 40% compared with the same period last year.

CEO Lee Jae-hoo said : " 2020 is the year that Lightning Market established itself as a taste- based second-hand trading platform. It grew by expanding trading categories such as sneakers, second-hand mobile phones, and golf balls and strengthening the Lightning payment system. In 2021, we also plan to continue to attract talents to improve the second-hand trading customer experience and strive to make transactions simple, fast, and secure throughout the second-hand trading process."

Payment

South Korea

Second-hand market