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Biz News Korea(Eng)

Korea’s peer-to-peer payment app sets new milestone

Collected: 2016.08.31

Distributed: 2016.09.01

Source: Go Direct

Korea’s peer-to-peer mobile payment service app TOSS has achieved a new milestone, reaching 1 trillion won ($893 million) in accumulated remittance just one year and a half after it was launched. That’s a lot faster than Venmo, well-known money-transfer app in the U.S.

Viva Republica, the Korean developer of Toss, said Tuesday the app grew fast as it is intuitive and easier to use than most banking apps.

The app enables users to send money to each other from their bank accounts. Payment is completed when you enter in the bank account or telephone number of a receiver with the amount of money you want to send and a password. Multiple bank accounts can be registered on one mobile phone.

People use a new phrase like ‘Toss me’ to ask friends to send money in Korea like ‘Venmo me` in America.

Toss launched in February of last year combines automatic account transfer with money transfer, reducing the cumbersome account transfer process into three stages.

Venmo launched in July 2012 processes $1 billion in payments a year. Toss processed 620 billion won in total in the first half of this year, nearly three times the transaction volume it did in the same period of 2013.

By Chung Ji-sung

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