Ant Group and Toss Payments join hands to explore Korean market
Ant Group announced a strategic cooperation agreement with South Korean payment company Toss Payments to jointly support international merchants to enter the Korean market and better serve local consumers. Under this cooperation, Ant Group will become the second largest shareholder of Toss Payments, holding approximately 40% of the shares. This is the third largest cooperation between Alipay and a Korean payment industry operator after Kakao pay and Naver Pay.
Therefore, Silkpay can help your business accept Alipay, which also means that you can accept mainstream Korean payment methods such as Toss Pay and Naver pay, providing you with more payment options online and offline, and expanding more possibilities.
In this article, we will talk about the Toss payments and the cooperation between Alipay and Toss Pay, as well as the opportunities for European and American merchants in this background.
About Toss
"Toss" is a mobile financial service application based in South Korea. It was launched in 2015 by Viva Republica, a South Korean financial technology startup, aiming to provide Korean users with a variety of convenient Internet financial services. "Toss Pay" allows users to link Visa, MasterCard and almost all local bank accounts in South Korea into the app, allowing users to make bank transfers and online payments.
Up to now, Toss has more than 9.5 million registered users and is available to 98% of bank customers in South Korea. Transaction volume increased by 106% year-on-year. Currently accepted by 12,000 merchants.
In South Korea, Toss is a popular mobile payment service. It allows users to easily transfer money to other users, pay bills, and make online purchases. Toss offers a mobile app and can be linked to a user's bank account for added convenience.
Alipay’s Cooperation with Toss Payments
Ant Group started in 2004 with the creation of Alipay to solve the problem of social trust. After 18 years, Ant has become the world's leading open Internet platform. With the help of technological innovation, Ant helps its partners to provide consumers and small and micro enterprises with convenient digital life and financial services. At the same time, Ant continues to open up its products and technologies to promote digital upgrading and cooperation among enterprises. Carry out extensive cooperation around the world to serve local businesses and consumers.
The cooperation between Ant Group and Toss Payments will strengthen the competitiveness of both parties in the Korean payment field and provide international merchants with more opportunities to enter the Korean market. Ant will continue to focus on technological innovation, promote digital upgrades, and create more conveniences and opportunities for consumers and businesses.
Opportunities for European and American merchants
Ant Group’s partnership with Toss Payments not only marks a major advancement in South Korea’s payments sector, but also opens the door for European and American merchants seeking to enter this dynamic market.
South Korea’s market potential
South Korea's strong digital economy and tech-savvy population provide fertile ground for global business expansion. Society's embrace of mobile payment solutions means high adoption rates of cutting-edge financial technologies,making it an attractive market for international merchants looking for growth opportunities.
Attract Chinese and Korean tourists
The partnership provides merchants with a portal that caters to the preferences of Chinese and Korean tourists. With Toss Payments, businesses can create a seamless, convenient shopping experience based on the payment methods these travelers are familiar with. This can significantly increase the attractiveness of European and American merchants, encouraging higher spending and engagement.
Empowering cross-border e-commerce
This partnership provides significant advantages to European and US e-commerce entities looking to expand. South Korea's tech-savvy consumers are increasingly favoring cross-border online shopping. Integration with Toss Payments streamlines payment processes, builds trust and enhances accessibility for Korean consumers, creating an environment conducive to the growth of cross-border e-commerce.
Unlock growth potential and global business support
The combined expertise of Ant Group and Toss Payments creates compelling opportunities for European and American merchants. It allows access to the lucrative China-South Korea tourism market and facilitates engagement with Korean consumers through cross-border e-commerce. The collaboration is expected to open avenues for growth by leveraging South Korea’s vibrant digital ecosystem.
Through this partnership, European and American merchants can leverage Toss’ vast network and Alipay’s global expertise to seamlessly enter the dynamic Korean market, while preparing for increased footfall and spending by Chinese and Korean tourists.
Conclusion
Ant Group’s partnership with Toss Payments marks a critical moment for South Korea’s payments industry, providing valuable opportunities for European and Americanmerchants. The partnership provides these businesses with a portal to cater to Chinese and Korean tourists, simplify cross-border payments and tap into South Korea’s tech-savvy consumer base. By leveraging Toss Payments’ integration and Alipay’s global expertise, merchants can seamlessly enter the dynamic South Korean market to capitalize on rising tourist arrivals and the country’s growing digital economy.
Source
https://www.ppro.com/payment-methods/toss/
https://www.dsb.cn/228165.html
https://m.ebrun.com/529750.html
>Image by wayhomestudio</a> on Freepik
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.