In the Era of High Inflation, 'Bap' Becomes a Core Corporate Welfare... Growing Mobile Meal Voucher Market

Hyundai Vendis Doubles Transaction Volume in 2 Years
Siksin Projects 200 Billion KRW Transaction Volume This Year

As the average lunch cost for office workers exceeds 10,000 won, a meal provided by the company has become a significant welfare benefit and a competitive advantage among employees. Accordingly, companies are increasing related investments, and the mobile meal voucher market is also expanding.

According to industry sources on the 23rd, the potential size of the domestic mobile meal voucher market reaches 15 trillion won annually. Currently, the number of office workers in Korea is around 19 million, and the lunch meal market size for them is about 30 trillion won. It is analyzed that about half of this market, supported by companies, is likely to shift to mobile meal vouchers. As of 2022, the domestic mobile meal voucher market size was about 230 billion won, accounting for only 1.5% of the potential market.

A customer making a payment at an affiliated restaurant using Hyundai Vendys' mobile meal ticket service 'Sikgwon Daejang'. (Photo by Hyundai Vendys)

The mobile meal voucher market is growing rapidly. At construction sites’ cafeterias where workers eat on the spot, it is rare to see workers handing over meal tickets and writing in ledgers. Simply scanning the meal voucher barcode registered on their phones allows immediate access to meals. Mobile meal vouchers are not only used for meals. Some companies provide snack allowances via mobile meal vouchers. Employees can use these at affiliated cafes.

A representative company in the domestic market is Hyundai Vendys, a mobile meal voucher company affiliated with Hyundai Department Store Group. Hyundai Department Store Group acquired Vendys in November 2022 and changed its name to Hyundai Vendys last month. Hyundai Vendys has shown steep growth since joining Hyundai Department Store Group. The number of client companies increased from 1,209 in the first quarter of 2022 to 2,562 in the first quarter of this year. During the same period, transaction volume grew from 17.9 billion won to 40.9 billion won, more than doubling. Operating profit recorded its first surplus in the first quarter of this year.

A Hyundai Vendys official explained, “We are continuing our growth trend in the second quarter of this year,” adding, “We are striving to develop high-quality services by collaborating with various group affiliates and launching integrated services.”

Mobile meal voucher company Sikshin is also rapidly expanding its market share. Currently, Sikshin’s service users reach 240,000 per day. This year’s transaction volume is expected to be about 200 billion won, with plans to grow to an annual scale of 1 trillion won by 2027.

Sikshin’s mobile meal vouchers have expanded their usage to convenience stores such as CU and GS25. In March, they partnered with SPC to enable usage at Paris Baguette. During the first half of the year, usage will also be possible at Baskin Robbins and Dunkin.

An industry insider said, “With persistent high inflation, meal allowances are recognized as a core element of welfare, and companies are continuously increasing their meal allowance budgets,” adding, “More companies are adopting mobile meal vouchers to reduce paper use and ensure transparent meal allowance management.”