Digital payment infrastructure provider PPRO has extended its services to South Korea by integrating with local cards and e-wallet Toss Pay.
PPRO pointed to research that claims South Korean consumers spend larger than average amounts online. As part of this, it stated that 94.7% of young South Koreans have purchased goods and services online over the past year.
Additionally, the country’s e-commerce market is expected to expand at a CAGR of 13.6% by 2024. Finally, the research shows that digital payments are becoming the main method of payment in the country with cards making up 66% of transactions and digital wallets sitting at 22%.
PPRO is a digital payments infrastructure that allows clients to deploy and scale their checkout offerings. Through the infrastructure, clients can accept payments, as well as manage them. In addition to this, it offers risk management and funds flow management tools.
Through the platform, clients can easily access local and alternative payment methods, including PayPal, bitpay, Stripe and more.
Toss is a financial services platform operated by Viva Republica. Through the mobile app users can manage their money, track spending and budgeting, transfer money, receive fraud alerts, schedule auto transfers, access personalised loans, check credit scores, pay bills and make investments.
PPRO VP and head of partnerships APAC Tristan Chiappini said, “South Korea has always been a frontrunner when it comes to digital payments. The integration of local cards and Toss Pay into PPRO’s infrastructure comes at the request of some of our largest customers and their tier 1 merchants that are struggling with poor conversion rates whilst relying on traditional global rails.
“Given PPRO’s infrastructure allows for instant access upon launch of new local digital payments, markets, and other orchestrated services this frees up our partners’ roadmaps and instantaneously expands their reach into the South Korean market with consumers who are eager to shop cross-border.”
Toss reached a $7.4bn valuation in 2021 following the close of a $410m funding round backed by Korea Development Bank and Alkion.
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