Sales revenue of Toss 2016-2018

In 2018, the sales revenue of South Korean digital payment service Toss stood at around 55 billion South Korean won. Toss is a mobile financial platform operated by the fourth South Korean 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 digital 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.

Sales revenue of South Korean digital payment service Toss from 2016 to 2018

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Source

Release date

June 2019

Region

South Korea

Survey time period

2016 to 2018

Supplementary notes

Note: 1,000 South Korean won equal 0.83 U.S. dollars and 0.76 euros (as of October 2019).

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