Toss Sees 30% Increase in Foreign Users Over the Past Year

A Total of 460,000 Users from 178 Countries
Vietnamese User Growth Up 85%

Toss announced on July 1 that the cumulative number of foreign users who signed up by the first half of the year reached a total of 460,000. This means that approximately 17% of the 2.65 million foreigners residing in Korea have joined Toss, marking a 30% increase from 360,000 in the same period last year.

According to Toss, foreign users from 178 countries, including those with large populations of residents from the United States, China, and Vietnam, have started managing their finances with Toss.

The country with the highest growth rate in new sign-ups was Vietnam, which saw an 85% increase compared to the previous year. This surge is attributed to the rapid spread of positive word-of-mouth about Toss's convenience, particularly within the Vietnamese community in Korea.

Toss attributes the growth in foreign users to improvements in its foreigner-friendly authentication system, enhanced accessibility to financial services within the app for foreigners, and an expanded scope of English-language support.

Most authentication procedures in Korea have traditionally been designed for Korean nationals and only later translated into English. This caused significant inconvenience for foreign users with longer name structures, such as those from the Middle East and Spanish-speaking countries.

Toss explained that it has addressed these issues, now providing a system where users of any nationality can complete identity verification without difficulty.

Providing foreigners with the same financial service environment as Korean nationals has also been a key factor. Foreign customers can now access a wide range of financial services on Toss, including remittance, check cards, MyData, Toss Pay, hospital bill reimbursement applications, and app-tech features. Toss is the only domestic platform to offer these services in English.

Since January, Toss conducted a five-month beta test before launching English-language services throughout its app. Foreign users can now use over 100 services in English, including financial services and app-tech features such as step counters.

A Toss representative stated, "In the first half of this year, we held foreigner-only events and launched a dedicated international remittance service to raise awareness of the Toss brand," adding, "We will further expand multilingual support within the third quarter to continue evolving as a foreigner-friendly financial platform."