Toss Pay Partners with CU for Expansion Into Offline Transactions

Toss Pay has joined hands with CU convenience store chain to expand its service and include offline transactions. CU is owned and operated by BGF Retail, and the mobile payment firm tapped it for partnership as it makes another move to accelerate its business by adding new offerings.

Toss Pay’s expansion to accommodate offline transactions will also make the company more competitive against its rivals in the local payment scene. According to The Korea Times, through the deal, the mobile payment firm has become available at about 17,000 convenience store outlets owned by CU across the country.

The Toss Pay payment service at CU convenience stores was officially launched on Monday, July 10. At the stores, customers will be able to pay by using a barcode scanning system on their Toss app. The payment will then be charged to the customers’ credit cards or deposit accounts linked to their app.

Users can use Toss Pay in CU convenience stores for a variety of transactions, such as phone bills payment, shopping, and even tax payments. The South Korean fintech company said that its collaboration with the store chain is expected to grow further in the second half of this year so that the payment system could be used for wider purposes.

"By using Toss Pay, customers can automatically earn CU membership points, while making the payments simply and swiftly," a Toss Pay official said in a statement. "Toss Pay will be extended to be used at more offline stores, including franchise coffee shops and gas stations, hoping to become the most frequently used payment tool in everyday life."

Finally, in a press release, Toss said the deal will improve the versatility of its Tospay and starting this month, it is now possible to pay at CU via the Toss app without the need to carry a separate wallet.

Photo by: Toss Press Release