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<\/a><\/p>\nBy Hyunsu Yim<\/p>\n
SEOUL (Reuters) – Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend.<\/p>\n
Walking 10,000 steps, completing tasks such as subscribing to social media, or just tapping the screen when other users are nearby can generate up to 10 cents a time for users of financial services app Toss from South Korean startup Viva Republica.<\/p>\n
The viral campaign has seen Toss become a frontrunner in a trend where businesses win users through cash- and points-offering loyalty apps, which have risen in popularity in an economy with high youth unemployment and surging inflation.<\/p>\n
As many as three in four adults earn cash through such applications, showed a recent survey by job portal Incruit.<\/p>\n
“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.<\/p>\n
Some 4.4 million users have used Toss’ cash-giving in-app feature since its January launch, and the number of times people open the app on handsets has increased 30%, Viva Republica said.<\/p>\n
Retiree Han Sun-jae, 77, said he had made some 50,000 won ($37.91) so far through the Toss app.<\/p>\n
“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.<\/p>\n
The trend shows people are going the extra mile to help overcome an increasingly dire economic situation, experts said.<\/p>\n
The consumer inflation rate hit 5.1% in 2022, the highest since 1998, with food and transport prices up 5.9% and 9.7% respectively. <\/p>\n
Some 497,000 people aged 15 to 29 in February said they were on a break from employment and not actively seeking work, showed Statistics Korea data, the most since records began in 2003.<\/p>\n
Some experts cautioned that exchanging data for the opportunity to earn pennies could involve sensitive personal information being shared with third parties.<\/p>\n
“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.” <\/p>\n
\n(This story has been refiled to correct name of the company in paragraph 2)\u00a0<\/p>\n
($1 = 1,318.79 won)<\/p>\n
\n(Reporting by Hyunsu Yim; Additional reporting by Ju-min Park; Editing by Christopher Cushing)<\/p>\n
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