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Toss Pay

Toss Pay is a mobile financial service app based in South Korea. Launched in 2015 by Viva Republica, a South Korean fintech startup, and initially focused on P2P money transfers, Toss Pay now provides over 40 financial services such as money transfers, loans, stock trading, credit score viewing, and investments. Toss Pay has received multiple rounds of investment from a host of domestic and international institutions, which has cemented it's status as the leading fintech unicorn in the South Korean Market.

Toss Pay wallet allows users to link locally-issued bank cards, and almost any local bank account in South Korea. Toss Pay has reached 22 million registered users and 14 million monthly active users, making it the third largest digital wallet.

Properties

The properties of the Toss Pay are shown in the following table:

Payment type

Alipay+ payment method

Funding source

Balance, Points, BNPL, Bank Transfer, Cards

Acquirer

AlipaySG, AlipayEU,

AlipayUS, AlipayUK

Acquiring region

SG, AU, HK,

EU, UK, US

Payment flow

Redirect

Checkout Payment

✔️

Buyer country/region

South Korea

Auto Debit

✔️

Fund deducted

Real-time

Refund

✔️

Processing currency

KRW

Partial refund

✔️

Minimum payment amount

100 KRW

Chargeback/Dispute

Maximum payment amount

  • General industry merchants: 2,000,000 KRW per day/ per transaction.
  • High-risk merchants: 300,000 KRW per transaction; 2,000,000 KRW per day; 5,000,000 KRW per month.

Refund period

365 days

User experience

The following graphics show the authorization process of Toss Pay:

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