Internet-only South Korean lender Toss Bank has recorded 31.6 trillion won ($22.8 billion) in foreign exchange volume just 18 months after launching the service, driven by its zero-fee policy and rapidly expanding user base.
The number of users has reached 2.67 million, with sign-ups peaking at 33,000 per minute, the lender said.
The milestone follows Toss Bank’s rollout of the country’s first permanent fee-free forex service in January 2024. While other banks had experimented with temporary promotions, Toss Bank committed to a “fee-free for life” model from the start.
Usage spans generations, with users in their 20s accounting for 28 percent, followed by those in their 30s at 25 percent, 40s at 23 percent and 50s at 19 percent. Notably, around 130 users were in their 90s, many of them high-net-worth individuals using the platform for investment purposes.
The bank estimated that, had the service imposed a 1 percent fee, users would have paid roughly 300 billion won in total, translating to an average saving of 165,000 won per customer, according to the bank.
Toss Bank added that 870,000 users have used its overseas payment service, which supports both online and offline transactions as well as ATM withdrawals for cardholders. Of these, 500,000 used the service in Japan, followed by Vietnam, the US, Thailand and Taiwan.
jwc@heraldcorp.com
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