Hana incorporates Toss into global payment network

KEB Hana Bank Deputy President and Chief Future Innovation Officer Han Jun-seong, left, poses with Viva Republica CEO Lee Seung-gun after the two signed an agreement, Wednesday, to incorporate the Viva Republica-operated mobile money transfer app Toss into the bank's global payment system. / Courtesy of KEB Hana Bank

By Kim Bo-eun

Hana Financial Group has incorporated mobile money transfer app Toss into its global payment system, the group said Thursday.

KEB Hana Bank signed the agreement a day earlier with Toss operator Viva Republica for a strategic partnership.

Hana's Global Loyalty Network (GLN) is a centrally-managed payment service platform participated in by 58 firms from 14 countries.

It is a blockchain-based platform connecting financial firms, retailers and other businesses to allow money transfers and payments via smartphones.

The network is incorporated into Hana and its partner firms' mobile applications, so users do not have to download a separate app or join a separate membership.

The network enables users to make payments without having to exchange currency, as payments are made by automatically applying the local currency exchange rate.

GLN opened services in Taiwan in April and in Thailand in May.

In Taiwan, users are able to make payments with Hana's mobile app at Everrich duty free shops, RT Mart stores, restaurants and tourist spots including its night market.

In Thailand, users can make payments at around 3 million stores including those in shopping malls and at tourist sites.

"Establishing this partnership has enabled Toss users to access a range of convenience services and has strengthened Hana's foothold in the global electronic payment service market which continues to grow," Han Jun-seong, the bank's deputy president and chief future innovation officer, said.

"Hana will continue to expand its global business base, through GLN, with its partners," he said.

Hana plans to expand its network-based services to other Asian countries including Japan, Hong Kong, Singapore, Vietnam and Indonesia.

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