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[Alpha Biz=(Chicago) Reporter Kim Jisun] NHN Payco terminates a large number of financial services provided by the Payco app.
Payco will end its used car purchase secretary, card recommendation, deposit comparison, and financial calendar services on the 22nd of next month. The services were introduced earlier this year, advocating data-based customized life financial services since Payco introduced its MyData-based "Payco Asset Management" service in January last year.
Payco introduced the services sequentially from February to March to target the 2030 generation, but it is known as a "Big Tech in Name" company that has no presence compared to Big Tech services such as Toss, Kakao Pay and Naver Financial.
The deposit comparison service, which was released in October, is bumbling, ending in just two months, and it is pointed out that it is only increasing consumer inconvenience.
The 'public calendar', which has been in service for two years, will also disappear after the 27th of next month. It is a service that provided convenience for individual investors, such as notification service on the start date of subscription and listing date, and connection to the account opening page of securities firms.
Payco is in a position to end services that do not affect profits and focus on improving its constitution to focus on "loss improvement," but the lack of killer services and CEO Jung Yeon-hoon's lack of leadership have surfaced in the market.
Payco's total transaction amount in the third quarter was 2.6 trillion won, and Payco's cumulative operating loss improved 65% year-on-year by the third quarter of this year, but it continues to perform poorly compared to other Bigtech.
While the amount of transactions between Naver Pay and Kakao Pay, which started the service together, surpassed 10 trillion won, Payco's trading volume is slow and net loss continues. The annual sales of Payco, which has competed to reduce marketing costs by competing with Big Tech such as Naver Pay, Kakao Pay, and Toss, amounted to about 52 billion won last year, up 48.8% from two years ago, but its net loss increased significantly from 34 billion won to 46.1 billion won during this period.
Payco secured liquidity with 100 billion won in funding from its parent company NHN last month, but it is devalued as a "Big Tech Gyereuk" without presence due to the lack of killer services.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
