You might have experience in doing an account transfer. Didn’t you find it inconvenient to carry and take out OTP or security card every time you send money through a phone banking? You should even look for the nearest ATM machine if you are not familiar to this tangled e-banking processes. ‘Toss’ is a Korean application that are invented to lessen these discomforts people feel while wire transferring, and it is made by start-up company ‘Viva Republica’ in 2015. With this application ‘Toss’, you can carry out banking service with a simple password or fingerprint confirmation. Viva Republica was selected as a ‘top fintech (newly coined-word that combines the word ‘finance’ and ‘technology’) company of the year 2017’, which was announced by ‘KPMG International’ and ‘H2 ventures’. The company ranked the 35th place, and it is the first time that Korea enterprise got ranked as a promising fintech business.
Then what is so special about this application ‘Toss’? It is the convenience. If you download it, all you have to do is to certify yourself and to set up simple password that is comprised of 4 numbers and 1 English letter. If you have your own phone and are more than 14 years old, you are entitled to use the application, regardless of age or gender. You can remit money online with only 3 simple steps, entering the amount you want to send, typing information of the recipient and inputting your password. Unlike the past banking method, you don‘t have to know the recipient’s account number, and all you have to know is his or her name and phone number. You can just pass on remittance link to the recipient, and the person can enter account number by oneself. This service certainly curtails the tedious process of asking the account information for the sender. You might ask about the security of the application. Information of Toss users is protected to the extent of security standard of bank in United States, and transaction data are encrypted twice, so that outsiders cannot access bank data. Also, Toss made an alliance with a company called ‘TheCheat’, which works to protect people from fraud. If Toss users enter a account number that has been used for financial fraud, the application offers a service of giving a warning, thus strengthening security.
There are a large number of rising start-up enterprises these days, and Toss is a successful model of fintech start-ups. Representative of the company Viva Republica, Lee Seung-gun, had a vision to make financial services easier. With a ceaseless effort, he made an innovation in banking field, and the enterprise shines with 11million downloads, and transaction volume of more than 7 billion dollars.