Toss Place and Kyongnam Bank sign MOU to expand payment infrastructure for small businesses

Partners to roll out payment terminals and pursue joint marketing

Kyongnam Bank Retail Customer Group Head Choi Myung-hee (left) and Toss Place Deputy CEO Kim Jeong-yeol pose for a photo after signing an MOU at Toss's Sinnonhyeon office in Seocho-gu, Seoul, on Tuesday. [Toss]
Kyongnam Bank Retail Customer Group Head Choi Myung-hee (left) and Toss Place Deputy CEO Kim Jeong-yeol pose for a photo after signing an MOU at Toss's Sinnonhyeon office in Seocho-gu, Seoul, on Tuesday. [Toss]

Toss Place is broadening its push into regional small-business payment markets, striking a deal with Kyongnam Bank after an earlier partnership with Busan Bank. The company plans to combine the regional sales networks of BNK Financial Group affiliate banks with its own payment technology to grow its merchant base and run joint marketing campaigns.

Toss Place, the payment terminal and point-of-sale solution subsidiary of Toss, announced Wednesday that it had signed an MOU with Kyongnam Bank to help revitalize the South Gyeongsang Province economy.

The signing ceremony was held Tuesday at Toss's Sinnonhyeon office in Seocho-gu, Seoul, with Toss Place Deputy CEO Kim Jeong-yeol and Kyongnam Bank Retail Customer Group Head Choi Myung-hee in attendance.

The two companies agreed to expand their merchant network in South Gyeongsang Province using Toss Place's "Toss Front" payment terminal and POS solution. They will pursue joint marketing targeting small-business owners and plan to extend their joint sales efforts to local governments, distributors and franchise operators. The partners will also explore new services linking regional banking with payment solutions.

Toss Place is already running joint marketing with Busan Bank for small-business owners. Since September, sole proprietors who are Busan Bank customers and newly install a Toss Place terminal have been eligible for cashback of up to 80,000 won ($60). The new agreement effectively extends Toss Place's cooperation with BNK Financial Group affiliates from Busan into South Gyeongsang Province.

"Combining Kyongnam Bank's regional network with Toss Place's payment technology will make things noticeably more convenient for merchant owners," a Toss Place official said. "We will consistently expand services that contribute to revitalizing the local economy."


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