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South Korean Payment App Toss to Add Bitcoin Transactions

Fintech

Former South Korean dentist hoped to smooth payment transactions. He stopped pulling teeth, and began working on a solution. His eighth iteration became Toss, a way to send and receive money peer-to-peer (P2P). Its next step includes bitcoin and even real estate transactions. 

Also read: South Korean Crypto Community to Push Back Against ICO Ban

South Korea’s 500 Billion USD Consumer Market

Known as the most wired country on earth, South Korea is no stranger to using mobile devices as a way of life. The Group of 20 (G-20) nation’s tip-of-the-tongue heavyweights include Samsung, LG Electronics.

It also has the highest smartphone usage in the world.

With its focus on international trade, domestic payment systems ironically lagged. “Before Toss, users required five passwords and around 37 clicks to transfer $10,” founder Lee Seung-gun told TechCrunch.

Toss is a mobile application (app) created by Mr. Lee’s company, Viva Republica. Demand for a simplified payment system was so strong, the company has received multiple rounds of venture capital, including from Paypal (which has its own such app, Venmo).

Mr. Lee continued, “With Toss users need just 1 password and three steps to transfer up to [$430].”

Catching the Cryptocurrency Bug

Making money transfers a snap means avoiding cumbersome certification numbers, bank account information, which Toss accomplishes. It also boasts foreigners being able to use the app.

This is a nice summary of bitcoin‘s advanta...

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