rapid Adoption of Quick Account Transfer Signals Shift in Payment Preferences

Tospayments’ Quick Account Transfer service has achieved a significant milestone,exceeding 6.5 million users within two years of it’s launch in April 2023. This rapid adoption underscores a growing preference for streamlined and secure online payment solutions.The service is quickly becoming a preferred payment method across various sectors, including e-commerce, digital content, and even the travel and aviation industries.

Key Statistics Highlight Service’s Impact

The service has facilitated a cumulative payment volume of ₩650 billion, demonstrating its considerable impact on the digital economy. Currently, over 22,000 merchants have integrated Quick Account Transfer into their payment systems, attracted by its competitive commission rates and enhanced transaction success rates.

According to recent industry reports, mobile payment usage is steadily increasing, with projections estimating a 15% annual growth rate over the next five years. Tospayments’ success aligns with this trend, positioning them as a key player in the evolving payment landscape.

Enhanced Convenience and Security Drive User Growth

Quick Account Transfer leverages open banking technology to provide a seamless payment experience. Unlike traditional real-time account transfers, users can register their accounts swiftly without the cumbersome process of certificate installation. Payments are then authorized using a simple six-digit password, and cash receipts are automatically issued, further enhancing user convenience.

Security is paramount, with the integration of a refined Fraudulent Transaction Detection System (FDS). This system proactively identifies and blocks suspicious transactions or requires additional authentication steps, ensuring a secure payment environment for both merchants and consumers.The service also supports escrow services, adding an extra layer of protection.

Benefits for Merchants: Lower Commissions and Higher Success Rates

For merchants, Quick Account Transfer offers a compelling choice to traditional credit card payments, primarily due to its lower commission fees.The service also boasts an impressive transaction success rate of 87.2%, considerably higher than that of real-time account transfers. This translates to fewer failed transactions and increased revenue for businesses.

The service’s ease of integration and relatively small resource requirements make it especially attractive to small and medium-sized enterprises (SMEs). The reuse rate of the service is also notably high, increasing by 2.8 times, indicating strong customer satisfaction and loyalty.

Tospayments’ Vision for the Future of B2B Payments

According to a Tospayments representative, Quick account transfer is becoming a B2B payment method by reducing commissions and improving conversion rate. This statement highlights the company’s strategic focus on expanding the service’s reach within the business-to-business sector, where efficient and cost-effective payment solutions are highly valued.