Toss and CU Partner to Launch Offline Toss Pay and Collaborative Initiatives

South Korean mobile financial services platform Toss and leading convenience store operator CU have announced a strategic partnership to collaborate on various business initiatives, including the launch of offline Toss Pay.

The agreement between Toss operator Viva Republica and CU operator BGF Retail aims to promote joint business through online and offline platforms.

In the first half of this year, CU will gradually introduce Toss Pay, an easy payment service, to its nationwide store network.

Toss Pay, which offers secure and easy payments with the fast settlement, has been limited to online merchants, but with CU’s more than 17,000 branches, it will be available nationwide.

The move is expected to improve the payment experience for financial consumers using Toss significantly.

The strategic business agreement outlines three main areas of focus for Toss and CU: payment and membership partnerships, expansion of the O4O (Online for Offline) service, and big data connectivity.

The collaboration will also promote CU’s membership point connectivity services through the Toss app, providing convenience to Toss mobile customers.

In addition, Toss and CU will jointly develop differentiated marketing strategies that combine retail and finance.

By combining CU’s commerce app, PocketCU, and the Toss app, CU plans to continue to provide customers with customized shopping benefits and new services.

Lee Seung-gun, founder and CEO of Toss, believes that the collaboration between Toss, a financial super-app, and CU, a comprehensive life platform, will synergize customers’ economic activities and daily lives.

Both companies aim to create a broader and more diverse customer experience through the synergy of their online and offline platforms.