Toss Tests Blockchain-Based Public Payment Infrastructure with Korea Minting

Toss, Korea's dominant financial super-app, has made significant strides in its proof-of-concept project for a blockchain-based public payment infrastructure. In collaboration with Korea Minting, Security Printing and ID Card Operating Corp., Toss aimed to integrate digital currency with existing payment systems.

The test environment built by the companies implemented the full payment process, from charging gift certificate tokens with blockchain-based digital currency to payments and merchant settlements. This was made possible through the use of Optimism, an Ethereum layer 2 network, which processed transactions while linking digital currency transfers with transactions handled by existing payment systems.

The project also tested Privacy Boost, a privacy solution designed to protect sensitive transaction information from exposure on a public blockchain during payments. The ultimate goal was not to replace existing public payment infrastructure but to add blockchain-based digital currency as another payment and settlement method.