10th Anniversary Press Conference for Toss App Launch
'Face Payment' FacePay Enters Convenience Stores
"Accelerating the Era of 'Payment Without a Wallet'"
Expanding Dominance in the Offline Payment Market
"Toss has transformed the market landscape through innovation over the past decade and will become the world's financial super app." On the morning of the 26th, Lee Seung-geon, CEO of Viva Republica, which operates Toss, held a press conference at 'Square of Toss' in Seongsu-dong, Seongdong-gu, Seoul, to mark the 10th anniversary of the Toss app launch and spoke about these achievements and the company's vision.
Lee Seung-geon, CEO of Toss, is speaking at the Toss app 10th anniversary press conference held on the 26th at Anderson C's 'Square of Toss' in Seongsu-dong, Seongdong-gu, Seoul. Photo by Moon Chae-seok
The goal is to accelerate innovation to dominate the offline payment market beyond online, creating an era of 'payment without a wallet.' Toss FacePay, known as 'face payment,' recently entered the offline market through partnerships with the three major convenience store chains (CU, GS25, and 7-Eleven), and plans to invest 1 trillion won in startups over the next five years.
Toss launched a service in 2015 that allowed money transfers without a public certificate and achieved success. It innovatively improved user experience through patented 1-won authentication and simplified registration procedures. Notably, it was the first in Korea to offer free credit score inquiries. According to Toss, as of this month, there are about 28 million registered users.
Regarding future business plans, Toss explained them under three themes: 'Beyond finance to daily life,' 'Beyond online to offline,' and 'Beyond Korea to global.'
First, it set a goal to evolve from a financial super app to a 'daily life super app.' To realize this, it chose an 'open' strategy. Toss will not only provide its own services but also connect partner companies' and startups' services to the Toss app. It plans to share the user experience innovation system and market know-how accumulated over 10 years with all companies that need them.
It plans to support startups with an investment scale of 1 trillion won over the next five years. Through active investment and marketing support for promising startups, it aims to foster the startup ecosystem.
It intends to accelerate innovation in offline payments to strengthen market dominance. Toss FacePay recently started partnerships with the three major convenience store chains. Since FacePay has entered the offline payment market, Toss expects to bring forward the era of 'payment without a wallet.' The rapid spread of TossPlace terminals supports this. As of this month, the number of stores equipped with TossPlace payment terminals has surpassed 100,000. To expand offline presence, Toss announced the development of security systems, investment in international standards and information protection certifications, and enhanced customer protection and compensation policies.
On the 26th, at the 'Square of Toss' exhibition by Anderson in Seongsu-dong, Seongdong-gu, Seoul, visitors experienced a financial propensity test. Based on the test results, a keyring was created, and by tagging it with NFC, financial consultation information is automatically linked to the Toss app. Even after the exhibition ends, users can continuously check their financial tendencies by simply opening the app. Photo by Moon Chae-seok
It also presented a vision for global expansion. The plan is to rapidly spread the unprecedented financial super app innovation experience worldwide. The goal is to grow Toss into a global service with half of its users being foreigners within five years.
Meanwhile, Square of Toss is an exhibition space set up by Toss at Anderson-si Seongsu from today until the 2nd of next month to celebrate the 10th anniversary of the app launch. The exhibition space called 'Journey of 10' includes a 'Financial Planning Lounge' where visitors can test their financial tendencies and check customized financial information, a 'Library' curated with 100 types of books, a 'Souvenir Shop' selling 10th anniversary merchandise, and the Toss in-house caf? 'Coffee Silo' recreated as is.
From the 28th to the 2nd of next month, a three-day series of talk sessions featuring various speakers will be held to help plan financial life and lifestyle changes. The 'Toss Winning Session,' sharing Toss's success strategies, will feature speakers including CEO Lee Seung-geon, Chief Business Officer (CBO) Kim Gyu-ha, and Frontend Head Park Seo-jin. The 'Next Talk Session,' designed to assist with financial and daily life planning, will include lectures by writer Song Gil-young, Professor Jeong Hee-won of the Geriatrics Department at Seoul Asan Medical Center, and money trainer Kim Kyung-pil.
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