Toss Pay has formed a partnership with CU, Korea s major convenience store franchise, accelerating its expansion into offline transactions. The mobile payment company has been making aggressive moves recently to step up as a key contender among local payment players.
Toss has tentatively agreed to acquire Shinsegae Group s online payment services, SSG Pay and Smile Pay, for approximately 700 billion won ($537 million), according to market sources and media reports, Thursday.
South Korean retail giant Shinsegae Group said Friday it selected Viva Republica, the operator of Korean fintech unicorn Toss, as a preferred bidder to acquire the group's payment services. The entire stake of Shinsegae's mobile payment businesses SSG Pay and Smile Pay are up for sale. The two are estimated to have subscribers of 9.5 million and 16 million, respectively. Toss will conduct a due diligence on.
The delinquency rate of “buy now, pay later” (BNPL) services offered by the nation s three big tech firms - Naver Financial, Kakao Pay and Viva Republica - is on a sharp rise due to the economic slump and prolonged high interest rates, data showed Thursday.