Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Toss introduces facial recognition payment system at gas stations
A driver inserts a credit card to fuel up at a GS Caltex gas station in this undated photo. Courtesy of Toss Place
By Yi Whan-woo
Viva Republica, a fintech giant pioneering a range of digital payment systems, said Tuesday that it introduced a new system that allows drivers to pay for gas by using their facial features as identification.
The operator of widely-used mobile financial platform Toss said such a facial recognition system will be available at gas stations run by GS Caltex, a major chain in Korea.
The company said Toss Place, which manages payment devices for offline businesses’ electronic transactions, formed a deal for strategic cooperation with GS Caltex concerning a facial recognition payment system.
It will be the first time the system, called Toss Front, will be available at gas stations in the country.
“We, as business partners, will combine our expertise and infrastructure to provide a differentiated customer experience and also enhance our competitiveness,” Viva Republica said.
Toss Place will carry out a test to optimize Toss Front in line with a payment system that is currently adopted by gas stations nationwide.
Viva Republica said it plans to come up with additional services that “further enhance user convenience.”
“By combining our core technologies, we expect to to set a new standard for customer experience at gas stations,” it said.
Toss has been offering a wide range of financial services through its app, including money transfers, loans and stock trading, as well as credit score management.