Apps providing financial incentives for good habits gain popularity

2023.09.22 10:03:01 | 2023.09.22 14:43:56

[Courtesy of Hecto Innovation]이미지 확대

[Courtesy of Hecto Innovation]

Platforms and applications that offer financial rewards for cultivating good habits, from health routines to learning, are gaining popularity amid the growing trend of cost reduction and saving money among young South Koreans.

Earlier this year, personal data solution provider Hecto Innovation Co. released an app that pays users for their healthy habits.

Any user can join the daily habit challenge, which encourages health and wellness routines, such as staying hydrated throughout the day or taking daily vitamin pills.

They receive coins as payment when they certify their challenge completion by uploading photographs.

“Our goal was to create an app that encourages various positive lifestyle habits among the general public,” the developer said.

The habit-reward app secured one million users within just six months of its release.

AI Tutor solution provider Riiid Inc. has also recently introduced an unconditional refund incentive in its English proficiency test application, Santa.

Users with a 30-day subscription can receive a cash refund per point once they accumulate 12,000 points by completing their courses. This provides cash rewards of up to five times the amount they paid for the subscription.

Challengers, an app by Whitecube Inc., is one of the pioneers in the trend. Users of this app set goals, stake money, and receive rewards if they succeed in achieving their goals.

Users with the same goal can even pool their deposits. If they achieve the goal up to a certain level, they get a full refund of their deposits.

By Lee Sae-bom and Chang Iou-chung

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