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The addition of local card acquiring and Toss Pay wallet empowers global payment service providers and their merchants to unlock untapped opportunity in the South Korean market
PPRO, the leading digital payments infrastructure provider, has extended its infrastructure to the South Korean market through integrating South Korean local cards and Toss Pay, one of the most popular e-wallets in South Korea onto its platform.
Toss is South Korea’s leading financial service platform, operated by Viva Republica, that reaches a total of 24 million users (or more than a third of South Korea’s population) as of Feb 2023. Also Toss Pay, its e-wallet service for purchases made with a card or an account linked to the Toss app, makes payments at any partner merchant with the Toss app, without the hassle of an additional sign-up or registration process. The addition of local cards and Toss Pay opens up a gateway for PPRO’s global partners, payment service providers and their merchants, to reach millions of South Korean consumers.
According to research, consumers in South Korea have an appetite to spend larger than average amounts online, with an estimate of 94.7% of young South Koreans having purchased goods and services online in the past year. The country is also poised to become a leading global e-commerce market expanding at a double-digit compound growth rate (CAGR) of 13.6% by 2024. In fact, digital payments have almost become the de facto mode of payment in South Korea, with PPRO’s data revealing that cards make up 66% of usage with digital wallets standing at 22%.
Tristan Chiappini, VP and Head of Partnerships APAC at PPRO, said: “South Korea has always been a frontrunner when it comes to digital payments. The integration of local cards and Toss Pay into PPRO’s infrastructure comes at the request of some of our largest customers and their tier 1 merchants that are struggling with poor conversion rates whilst relying on traditional global rails. Given PPRO’s infrastructure allows for instant access upon launch of new local digital payments, markets, and other orchestrated services this frees up our partners’ roadmaps and instantaneously expands their reach into the South Korean market with consumers who are eager to shop cross-border. ”
Peter Lim, Lead Global Business Development of Toss Payments, commented: “As one of the largest e-commerce powerhouses in the world, South Korea presents a huge opportunity for international merchants looking to accelerate their growth in the Asia Pacific region. Our partnership with PPRO enables digital-first consumers in the country to shop with a diverse network of merchants using Toss Pay, the favoured payment method that they know and trust when making purchases online.”
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