Revenue of Toss Q2 2019-Q2 2020
In the second quarter of 2020, the sales revenue of South Korean digital payment service Toss stood at around 44 billion South Korean won. Toss is a mobile financial platform operated by the leading unicorn startup Viva Republic.
Toss; digital remittance services
Viva Republica started as a tech-oriented startup when it was first established. In this respect, it is different from its competitors, Naver and Kakao, which entered the FinTech area by grafting IT technology onto existing platforms. The Toss App, released in 2015 by Viva Republica, offers a simple digital remittance procedure such as a smartphone authentication. Toss has gained popularity with online banking users who felt uncomfortable with traditional banking services. Currently, the number of Toss users exceeds eleven million and the cumulative remittance amounted to around 64 trillion South Korean won.
Fintech trends in Korea
The fintech market in South Korea has grown significantly. As a country with the largest e-commerce market in the world, easier payment methods to satisfy e-commerce users were inevitably needed. Previously, making an online payment in South Korea was inconvenient as users had to go through a lot of authentication procedures. Now, there are a few fintech companies that provide mobile payment methods. The major digital payment providers are Naver Pay, 11Pay, KakaoPay, and Samsung Pay. E-commerce companies such as Shinsegae Mall and 11th Street have developed their own payment services as well.
Toss; digital remittance services
Viva Republica started as a tech-oriented startup when it was first established. In this respect, it is different from its competitors, Naver and Kakao, which entered the FinTech area by grafting IT technology onto existing platforms. The Toss App, released in 2015 by Viva Republica, offers a simple digital remittance procedure such as a smartphone authentication. Toss has gained popularity with online banking users who felt uncomfortable with traditional banking services. Currently, the number of Toss users exceeds eleven million and the cumulative remittance amounted to around 64 trillion South Korean won.
Fintech trends in Korea
The fintech market in South Korea has grown significantly. As a country with the largest e-commerce market in the world, easier payment methods to satisfy e-commerce users were inevitably needed. Previously, making an online payment in South Korea was inconvenient as users had to go through a lot of authentication procedures. Now, there are a few fintech companies that provide mobile payment methods. The major digital payment providers are Naver Pay, 11Pay, KakaoPay, and Samsung Pay. E-commerce companies such as Shinsegae Mall and 11th Street have developed their own payment services as well.
