Toss Launches as a 'Super App', "Lifetime Free Transfer Fees Starting Today"

[Asia Economy Reporter Kiho Sung]Viva Republica, the operator of the mobile financial platform Toss, announced on the 2nd that it will grant all customers a 'Lifetime Free Remittance Fee Benefit.' From this day forward, once users check the related notice on the Toss app, the benefit will be automatically applied to all subsequent remittances.

Toss recently launched Toss Securities in March of this year in addition to its existing financial services and is preparing to launch Toss Bank in the second half of the year. Aligning with the full-scale realization of its vision as the 'Super App of Finance,' Toss has boldly changed its previously limited '10 free remittances per month' policy to an unlimited 'Lifetime Free Remittance' policy, which was the only service with usage restrictions.

Lee Seung-geon, CEO of Toss, stated, “We aimed to completely remove the psychological barrier in the 'remittance' area, which financial consumers use most frequently, and provide unparalleled satisfaction to create a fundamental difference from other financial platforms. We made this decision despite financial losses because Toss’s raison d'?tre and most important principle is 'customer-centric thinking.' Through this policy, we have taken a step closer to the vision of being the one and only financial app that customers truly need.”

Over the past year, Toss has attracted industry attention by continuously introducing bold policies for key financial services such as remittances. In July last year, Toss became the first in the financial sector to introduce the 'Toss Safe Compensation System,' which proactively compensates for voice phishing and fraudulent transaction damages, and in April of this year, it expanded the coverage to include damages from secondhand transactions.

Meanwhile, according to disclosures by the Korea Federation of Banks, among 18 commercial and internet banks currently operating, 12 charge a fee of 500 KRW for interbank transfers via internet banking (based on a 10,000 KRW remittance). Some banks waive fees depending on transaction performance or customer tier, but these benefits disappear if conditions are not met. Toss plans to provide lifetime free remittance benefits to all customers without any conditions.