Institutions Adopting Toss Authentication More Than Double This Year

[Asia Economy Reporter Kiho Sung] Viva Republica, the operator of the mobile financial platform Toss, announced on the 3rd that the number of institutions adopting the 'Toss Certificate' has surpassed 20.

The number of institutions using the Toss Certificate has more than doubled from 7 at the end of last year to 18 as of the end of May this year. The 'Toss Certificate' is a service that allows users to easily verify their identity through the Toss app when subscribing to financial products or using public services.

According to Toss, currently, seven insurance companies including Samsung Fire & Marine Insurance, Hana Insurance, and KB Life Insurance, three banks including SC First Bank, and five public institutions including the Korea Legal Aid Corporation have adopted the Toss Certificate. Additionally, there are 10 institutions discussing adoption in the second half of the year. To strengthen its certification business this year, Toss has expanded its certification sales partners to seven companies: Korea Electronic Certification, KG Inicis, Wizvera, RaonSNC, HancomWITH, Dream Security, and Initech.

Furthermore, following the abolition of the public certificate system at the end of last year and the revision of the Electronic Signature Act, Toss is working towards obtaining the status of an 'Electronic Signature Certification Authority' and the internationally recognized WebTrust certification, aiming for completion in the second half of this year.

The Toss Certificate service is characterized by its platform advantage of having the largest number of mobile financial service users compared to other private certification services, and its 'multi-electronic signature' feature that allows multiple electronic signatures during product subscription to be completed at once. For example, when electronically signing a loan contract, the 'loan agreement and withdrawal consent' signatures can be completed simultaneously.

A Toss representative explained, "Because verification is easily done on the Toss platform, which has the largest user base of 20 million among domestic financial apps, this service is expected to provide new business opportunities and customer experiences in the financial sector, which is strengthening non-face-to-face sales after COVID-19," adding, "About 70% of users are in their 20s and 30s, which is also a distinctive feature compared to other certification services with a younger user distribution."

This content was produced with the assistance of AI translation services.