Daily Management Review

To Combat Rising Living Expenses, South Koreans Use Cash-Giving Applications


To Combat Rising Living Expenses, South Koreans Use Cash-Giving Applications
As they silently pass each other while feverishly tapping their iPhones in the latest money-making fad, throngs of individuals have been seen gathering around the forecourt of a museum in central Seoul.
For users of the financial services app Toss from South Korean company Viva Republic, walking 10,000 steps, completing chores like subscribing to social media, or even tapping the screen while other users are around can make up to 10 cents per time.
In a market with high youth unemployment and rising inflation, loyalty applications that reward cash and points have become increasingly popular, and Toss has emerged as a front-runner in this trend.
According to a recent poll by job portal Incruit, up to three in four adults make money using such programmes.
"I've only made 150 won ($0.11) so far, but I plan to continue so I can buy coffee or pay for something using the app," said 27-year-old office worker Baek Na-young.
Since its January introduction, Toss' in-app cash-giving feature has been utilised by about 4.4 million users, and according to Viva Republica, the number of times individuals access the app on their phones has climbed 30%.
Han Sun-jae, a retired 77-year-old man, claimed to have earned about 50,000 won ($37.91) with the Toss app so far.
"My daughter works nearby and told me many people were gathering here, and that I could make more money here," he said outside the Seoul Museum of Art, where office workers gathered at lunchtime based on rumour and grapevine chitchat.
According to analysts, the pattern demonstrates how people are making extra efforts to improve an increasingly hopeless economic position.
Food and transport prices increased by 5.9% and 9.7%, respectively, as the consumer inflation rate reached 5.1% in 2022, the highest level since 1998.
According to Statistics Korea data, 497,000 persons between the ages of 15 and 29 reported taking a break from their jobs in February and not actively looking for work, which is a record high since records began being kept in 2003.
Some experts expressed their concern that sharing sensitive personal information with third parties could result from data exchange for the chance to earn pennies.
"While the effort to make pocket money is commendable, it could also leave people vulnerable to personal data use," said Lee Eun-hee, a consumer studies professor at Inha University. "It would be wise to consider both sides of the coin."
Tesla's Market Share In California Is Declining Despite Significant Price Cuts
Despite significant price reduction, rivals stepped up in the first quarter of the year, causing Tesla's market share in its crucial California region to decline. According to calculations made by Reuters using information from the California Energy Commission, Tesla Inc. held 59.6% of the battery electric market in California from January to March, which is the lowest share since 2017 and a decline from 72.7% for the entire year of 2022.
Rivals including Volkswagen AG, Chevrolet from General Motors Co., and Kia Corp. all saw increases in market share in California during the time period, albeit they all still remain in the single digits.
According to a study by Reuters, Tesla's sales in California made up 16% of the automaker's global deliveries in 2017. The largest U.S. state for zero emission vehicles is California.
Elon Musk, the CEO of Tesla, has drawn criticism for his acceptance of Republicans and pursuit of Twitter, especially in liberal places like California.
Since January, Tesla has reduced pricing in the United States, six times in the major market.
Tesla's first-quarter margins were affected by the price cutbacks, which were also implemented in China, Europe, and other nations, sending its shares down by almost 10% on Thursday.
This week, Musk gave a hint that the EV manufacturer might put sales growth ahead of profit in a sluggish economy.