Toss, Korea Mint Partner on Blockchain-Based Payment Infrastructure

Toss has partnered with Korea Minting and Security Printing Corp. to build blockchain-based payment infrastructure.

Toss said on April 23 that it signed a strategic memorandum of understanding with Korea Minting and Security Printing Corp. to improve the digital payments environment.

The agreement aims to introduce next-generation payment infrastructure using blockchain technology and improve ease of use. The two sides will first connect their existing payment and settlement systems to enhance the user payment experience. They also plan to review the potential adoption of various new payment methods.

The partnership may later expand to include the development of new payment models and related infrastructure.

Toss, which has about 30 million cumulative registered users, offers financial services including money transfers, credit checks and foreign-exchange services. Korea Minting and Security Printing Corp. has operated public payment infrastructure, including local currency programs for more than 80 municipalities across the country and Digital Onnuri gift certificates.

The two sides aim to combine Toss's user base with the mint's payment systems to broaden the digital payments ecosystem.

Over the medium to long term, they also plan to jointly pursue pilot projects using token-based payment instruments such as deposit tokens and stablecoins. The projects are intended to test their applicability in real-world payment environments and expand them into tailored user services.