Alipay, China's leading third-party online payment solutionAlipay, China's leading third-party online payment solution

Toss Pay

Toss is a mobile financial service app based in South Korea. Launched in 2015 by Viva Republica, a South Korean fintech startup, it was originally designed for P2P money transfer to provide a variety of convenient Internet financial services for users in South Korea. Toss allows you to enjoy over 40 financial services such as money transfers, loans, stock trading, credit score viewing, and investments. Toss has received multiple rounds of investment from many domestic and international institutions and is the leading fintech unicorn in the South Korean market.

Toss Pay allows users to link Visa, MasterCard, and almost any local bank account in South Korea, allowing users to make bank transfers and online payments.

Properties

The properties of the Toss payment method are shown in the following table:

Payment type

Alipay+ payment method

Funding source

Balance, Points, BNPL, Bank Transfer, Cards

Acquirer

Alipay SG, Alipay EU, Alipay US, Alipay UK

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

Maximum payment amount

  • General industry merchants: 2,000,000 KRW per day/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

Toss Pay allows buyers to link Visa, MasterCard, and almost any local bank account in South Korea, allowing buyers to make bank transfers and online payments.

The following screenshots show the journey of paying with Toss Pay:image.png

Figure 1. Payment process with Toss Pay (App)