HelloMarket Ends Direct Used Goods Transactions... "Switching to 100% Contactless Trading"

Safe Transaction Solution 'HelloPay' · Delivery Hurdle Lowered 'HelloTaekbae'

[Asia Economy Reporter Kim Cheol-hyun] Hello Market (CEO Lee Huguk), a peer-to-peer secondhand trading platform, announced on the 21st that it will abolish direct transactions between members and switch to a 100% non-face-to-face transaction platform.

Hello Market has allowed both direct transactions where secondhand trading users meet offline and non-face-to-face transactions using courier services. From now on, only non-face-to-face transactions through Hello Market's self-developed secure payment solution, 'HelloPay,' will be permitted. Sellers can only register products for non-face-to-face transactions, and communication between members for direct transactions will not be allowed.

Hello Market's transition to 100% non-face-to-face transactions is due to growing user concerns about the safety of direct transactions. As the number of secondhand trading users has increased amid the prolonged COVID-19 recession, various related issues have surfaced. Last year, a murder occurred during a secondhand direct transaction in Busan, along with a series of violent crimes, fraud, and sexual harassment incidents. There are also significant concerns about the exposure of personal information such as faces and bank accounts through direct transactions and the risk of COVID-19 infection.

In fact, a survey conducted by Hello Market earlier this month targeting 1,202 secondhand trading users showed that 74% of respondents answered that "direct transactions are unsafe." Opinions such as "I want to avoid meeting strangers face-to-face and exposing my face for secondhand trading" accounted for 76.4%, and 73% responded that "I hesitate to do direct transactions due to concerns about COVID-19 infection."

Hello Market plans to eliminate the risks of direct transactions by switching to non-face-to-face transactions and provide 100% safe secondhand trading. The core elements are 'HelloPay' and 'Hello Courier.' HelloPay is a secure payment solution where the transaction amount paid by the buyer is held by Hello Market and released to the seller only after the transaction is completed without issues. If the buyer does not receive the item or receives a different item, the transaction amount is refunded to the buyer. Additionally, Hello Market requires sellers to specify who bears the courier fee when registering products. Hello Courier allows use of CU convenience stores near the home nationwide for 2,000 KRW regardless of weight, and door-to-door courier service is available for a flat rate of 3,000 KRW.

Lee Huguk, CEO of Hello Market, said, "Many secondhand trading users have preferred direct transactions because they are relatively safe, but in fact, if only transaction safety issues are resolved, they would not necessarily want to do direct transactions. We will change the domestic secondhand market into a safe, non-face-to-face-centered market with the motto of a 100% non-face-to-face secondhand market without direct transactions."