South Korea is known as the most wired country on earth. It also has the highest smartphone usage in the world.
With the main intentions and focus towards international trade, domestic payment systems ironically protected. Mr. Lee’s company, Viva Republica, creates mobile application known as Toss.
Mr. Lee continues,
“Before Toss, users required five passwords and around 37 clicks to transfer $10. With Toss users need just 1 password and three steps to transfer up to [$430]”.
Toss is a mobile app with the strong and easy payment system. Including PayPal, the company has received multiple rounds of venture capital.
Catching the Cryptocurrency bug
South Koreans have embraced cryptocurrencies like Bitcoin. Significantly, when china announced crackdown over its own government banned ICOs. Moreover, South Koreans to absorb Chinese markets, conforms to its country’s own law and find suitable digital systems.
Me. Lee who heads the Korea Fintech Association, says his countrymen were moved into the bitcoin space, Initially, to trade hurdles in traditional exchanges. He said,
“Koreans looked into other assets with high volatility and Bitcoin was the perfect one. So high-risk traders put their money into the Korean Bitcoin market and it went up like crazy. Once people saw that, they just poured their money in”.
Conceivably, to speculative-centric and short term thinking about Bitcoin. The mobile Toss has reintroduced it’s as a transferable currency on its system.
Mr.Lee answered in an interview,
“From the beginning to the end, it’s all about making a difference in society, and ushering in social improvement. That’s the most and only important thing to me, and that’s why I spend so much time for this company. Because I want it to work, and I want it to contribute to our lives”.