Express Bank Transfer
Express Bank Transfer, emerged as a new bank transfer product known locally in South Korea as "퀵계좌결제,". It represents a significant improvement over traditional bank transfers, which often have frequent page redirections and complicated payment steps that contribute to high transaction abandonment and a low success rate.
In response to these challenges, and driven by South Korea's supportive open banking policy, Express Bank Transfer has been developed to streamline the payment process. After the initial setup where the user binds their bank account during the first-time payments, subsequent payments can be completed in just two steps. This not only enhances the user experience but also increases the payment success rate by 20% over traditional bank transfers.
Properties
The properties of Express Bank Transfer are shown in the following table:
Payment type | Online Banking | ||
Acquirer | AlipaySG, AlipayUS, AlipayUK, AlipayEU | Merchant entity location | SG, AU, HK, US, UK, EU |
Buyer country/region | South Korea | Refund | ✔️ |
Time to return the payment result | Real-time | Partial refund | ✔️ |
Processing currency | KRW | Chargeback/Dispute | ❌ |
Minimum payment amount | 200KRW | Refund period | 180 days |
Maximum payment amount |
|
[1] Luxury goods: The unit price of each transaction is greater than or equal to 2,000,000 KRW.
Note: The payment amount limits in the table are for users.
User experience
Note: The following payment flows on different terminals are reference only, and represent this payment method's flow on different terminal types. For supported merchants' terminal types, consult Antom Technical Support.
The following graphics show the journey of paying with Express Bank Transfer in different scenarios:
First-time payments
- The user selects Express Bank Transfer to pay.
- The user enters the mobile phone number to identify whether they are first-time registered users and starts the registration process.
- The user confirms service terms.
- The user selects the bank to which the bank account is to be bound.
- The user inputs the bank account number.
- The user inputs the personal information.
- The user sets a 6-digit payment password (for Express Bank Transfer).
- The user receives an institution phone call and enters the numbers on the phone according to the call guidance.
- Inform the user that the account binding is successful.
- The user confirms the order information and bank account used for this payment.
- The user enters the payment password.
- The user completes the payment and is redirected to the merchant page.
Subsequent payments
四MERCHANT
四MERCHANT
EXPRESS BANK TRANSFER
- The user selects Express Bank Transfer to pay.
- The user inputs the mobile phone number and 6-digit password.
- The user confirms the order information and bank account used for this payment.
- The user completes the payment and is redirected to the merchant page.
New account binding for existing users
Users who have already registered and bound previous accounts can also add extra accounts. User flows here show the extra accounting binding process for existing users.
金旺
EXPRESS BANK TRANSFER
MERCHANT
MERCHANT
- The user selects Express Bank Transfer to pay.
- The user inputs the mobile phone number and 6-digit password.
- The user drops down account information to select a new account.
- The user selects the bank to which the bank account is to be bound.
- The user inputs the bank account number. The user already registered with Toss Pay wallet app can directly obtain the previously bound bank account to expedite the process.
- The user receives an institution phone call and enters the numbers on the phone according to the call guidance.
- The user confirms the order information and bank account used for this payment.
- The user inputs the payment password.
- The user completes the payment and is redirected to the merchant page.