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 | Merchant entity location | SG, AU, HK, EU, UK, US |
Payment flow | Redirect | Refund | ✔️ |
Buyer country/region | South Korea | Partial refund | ✔️ |
| Time to return the payment result | Real-time | Chargeback/Dispute | ❌ |
Processing currency | KRW | Refund period | 365 days |
Minimum payment amount | 100 KRW | ||
Maximum payment amount |
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User experience
The following graphics show the authorization process of Toss Pay in different terminals:
