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 | ||
Acquirer | AlipaySG | Acquiring region | SG, AU, HK |
Payment flow | Redirect | Cashier Payment | ✔️ |
Supported country | South Korea | Auto Debit | ✔️ |
Funds deduction | Real-time | Refund | ✔️ |
Supported 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
The following screenshots show the journey of paying with Toss Pay:
Figure 1. Payment process with Toss Pay (App)