Toss Place, a subsidiary of Viva Republica (Toss) that provides payment terminal and POS solutions, is expanding its local currency payment services.
On August 4, Toss Place announced it has signed a strategic memorandum of understanding (MOU) with Bizplay to enhance local currency payment services and corporate expense management. Bizplay is a company that offers local currency operation solutions in cities such as Seoul, Iksan, and Jeju.
The two companies plan to combine Bizplay's experience in local currency operations and corporate expense management capabilities with Toss Place's offline payment infrastructure to expand their collaboration in the public and corporate (B2B) markets.
Initially, local currency payments operated by Bizplay will be supported on Toss Place's payment terminal, 'Toss Front.' The partnership model applied in Seoul Pay will be expanded to Iksan and Jeju, allowing more local small businesses to accept local currency payments without needing to establish separate systems.
Services targeting businesses will also be strengthened. An integrated service will be developed to streamline expense execution and settlement by linking Bizplay's corporate expense management service with Toss Place's offline payment infrastructure.
The scope of collaboration will also expand through joint marketing, new customer acquisition, and the development of new businesses based on payment and platform services. The goal is to enhance the convenience of using local currency and improve the payment environment for small businesses, contributing to the revitalization of the local economy.
Kim Jeong-yeol, Vice President of Toss Place, stated, "The more important a payment method is for the local economy, like local currency, the easier and more secure it should be to use in stores. By combining Toss Place's payment infrastructure with Bizplay's public and corporate service capabilities, we aim to provide new value to both small business owners and corporate clients."
* This article has been translated by AI.
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