Mobile meal voucher firm Vendys sees record performance

[Courtesy of Hyundai Department Store Group, Vendys]

Vendys, a leading player in South Korea’s mobile meal voucher sector, put in a record performance just a year after becoming a part of Hyundai Department Store Group.

On Wednesday, Vendys announced that its annual transaction volume for 2023 was 150 billion won ($113 million), up over 50 percent from the previous year. The achievement comes on the heels of a surge in monthly transaction volumes, from the initial range of 7 to 8 billion won after joining the group to the 10 billion won mark, hitting a peak of 13.5 billion won in November 2023.

The company said the number of customers doubled from more than 2,000 in 2022 to over 4,000 in 2023, and the number of service users grew nearly 40 percent on-year, topping 300,000 for the first time.

Vendys, a pioneer who introduced the country’s first mobile meal voucher service in 2014, was acquired by Hyundai Ezwel under Hyundai Department Store in November 2022. Since joining the group, Vendys has seen a substantial boost in corporate trust and witnessed rapid growth in performance thanks to synergies with Hyundai Ezwel.