Toss Payments Chosen for South Korean Deposit Token Payment Infrastructure Pilot

Toss Payments has been named as the preferred bidder to participate in a government-led project to build a deposit token-based payment infrastructure in South Korea.

The initiative, part of a blockchain innovation flagship project overseen by the Ministry of Science and ICT and the Korea Internet & Security Agency, aims to ease the financial burden of payment processing fees on small business owners.

By leveraging deposit tokens, digital representations of commercial bank deposits recorded on a blockchain, the project hopes to streamline payment settlements and reduce intermediary costs.