BNK Busan Bank Supports Small Business Payment Services... Signs MOU with TossPlace and Touch&Go

Strategic Partnership Signed at Busan Bank Headquarters on August 28
Driving Innovation in Payment Services and Revitalizing the Local Economy

On the morning of August 28, BNK Busan Bank (President Bang Seongbin) signed a strategic memorandum of understanding (MOU) at its headquarters in Munhyeon-dong with TossPlace (CEO Choi Jaeho), which provides customer-friendly payment terminals, and Touch&Go (CEO Cha Jeongho), the nation's first offline NFC integrated platform company, to drive innovation in payment services for small businesses and revitalize the local economy.

BNK Busan Bank signed a strategic business agreement with Touch&Go at its headquarters on the 28th (Cha Jeongho, CEO of Touch&Go; Lee Ju Hyung, Head of Digital Finance Group at BNK Busan Bank; Choi Jaeho, CEO of TossPlace). Photo by BNK Busan Bank

This agreement reflects the shared commitment to promote sustainable growth of the regional economy by combining the financial infrastructure of Busan Bank in the Busan-Ulsan-Gyeongnam area with the digital capabilities in payment services held by TossPlace and Touch&Go.

The companies plan to gradually implement a wide range of collaborative initiatives that can provide practical support for small businesses and stimulate the local economy, including: ▲ technology cooperation for payment services to revitalize local commercial districts; ▲ technical collaboration and marketing to expand the customer base among academies; and ▲ cooperation on payment services tailored to local universities and university students.

Following this agreement, Busan Bank plans to launch a new easy payment service in partnership with TossPlace and Touch&Go. The service will integrate Touch&Go's NFC payment technology into Busan Bank's payment infrastructure, enabling payments via TossPlace's payment terminal, TossFront.

This method allows for easy payments by simply tapping any mobile phone on the payment terminal, regardless of the phone manufacturer. In particular, it is expected to enhance convenience for iPhone users by providing an alternative to Apple Pay.

Lee Ju Hyung, Head of the Digital Finance Group at BNK Busan Bank, stated, "This agreement embodies our practical commitment to supporting the growth of small businesses, which are the backbone of the regional economy, and to revitalizing the local economy. We will continue to pursue innovative collaborations that transcend the boundaries between financial and non-financial sectors."

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