UK-based fintech PPRO has extended its payment infrastructure to the South Korean market through integrating with Toss Pay, one of the most popular e-wallets in the country
Digital payments infrastructure provider PPRO entered the South Korean market by integrating South Korean local cards and Toss Pay, one of the most popular e-wallets in South Korea onto its platform.
Toss Pay is a proprietary e-wallet of one of South Korea’s leading financial service platforms, serving a total of 24 million users (more than a third of South Korea’s population). The wallet serves for purchases made with a card or an account linked to the Toss app. Additionally, any partner merchant can receive payments with the Toss app, without the hassle of an additional sign-up or registration process.
PPRO provides digital payments infrastructure to businesses and banks so they can scale their services through one connection. The new integration gives PPRO’s global partners, payment service providers and their merchants opportunities to reach millions of South Korean consumers.
The timely partnership will help businesses reach the users in the country poised to become a leading global e-commerce market expanding at CAGR of 13.6% by 2024. South Korea presents a huge opportunity for international merchants looking to accelerate their growth in the Asia Pacific region.
Meanwhile, the majority of South Korean consumers are eager to shop cross-border. About 94.7% of young South Koreans have purchased goods and services online in the past year. Moreover, they tend to spend larger than average amounts online.
Digital payments are among the most popular payment methods in South Korea. According to PPRO’s data, cards make up 66% of usage, while digital wallets stand at 22%.
In the coming months, Apple Pay will be also launched in South Korea with the support of Hyundai Card.