Seoul, South Korea - Viva Republica, the developer of the popular South Korean financial app Toss, has expanded into the transportation sector by adding taxi, e-bike, and scooter rental services to its platform.
Why It Matters:
This allows Toss to expand its presence in the mobility and payments space.
Additionally, it will be interesting to see if Toss can grow its services in the opposite direction of Grab's move from mobility to fintech.
The Key Points
- Toss has integrated the ability to book taxis and rent e-bikes and scooters directly into its app through partnerships with transportation providers such as Tada and G-Bike.
- The app now provides access to taxi rides, e-bike rentals, and scooter shares through a streamlined interface, including automated payment through Toss.
- The services are available 24/7 in areas such as Seoul and Incheon Airport, with special member discounts and pricing that adapts to demand.
- The move into transportation follows Toss' acquisition of a 60% majority stake in taxi operator Tada in October 2021 and earlier expansion into train reservations and car inspections.
What They Say:
The transportation industry has taken note of Toss' ambitions.
Experts point to potential challenges in competing with established rivals such as Kakao Mobility and T Map Mobility, which already have significant market share.
What Comes Next:
Viva Republica's push into transportation will likely require continued investment and strategic adjustments to gain traction against dominant industry incumbents.
However, the company aims to leverage Toss' massive existing user base and already popular payment tools to carve out a space in mobility.
Its success may depend on offering differentiated services and pricing models to attract new transportation customers across taxis, bikes, scooters, and more.
