Toss's FacePay Surpasses 4.83 Million Users as Offline Payments Expand Viva Republica, the company behind Toss, is accelerating its expansion in the offline payment market with its facial recognition payment service, FacePay. The company is moving beyond simple payment solutions by designing its own terminals, POS systems, and payment infrastructure to create an integrated online and offline payment ecosystem. As of the end of last month, Toss announced that FacePay has reached 4.83 million subscribers. There are now 330,000 offline merchants that accept FacePay. FacePay is a facial recognition-based payment service that allows users to authenticate and approve payments with a single glance, eliminating the need to pull out a card or smartphone. Toss is the only domestic payment service provider to have passed the preliminary review by the Personal Information Protection Commission for its facial recognition payment technology. The company highlights its compliance in the processing, storage, and utilization of biometric data as a key differentiator. The company is also implementing a strategy to build its payment infrastructure by linking its subsidiary Toss Place's terminals with Toss Payments' PG services. Unlike other payment providers that have primarily focused on online growth, Toss has integrated offline payment experiences into its design. A reduction in merchant burdens is also cited as a factor in the service's expansion. Merchants already using Toss terminals can activate FacePay without needing to replace their devices, and no additional fees are charged. Looking ahead, Toss plans to expand FacePay into unmanned stores, late-night shops, and single-operator establishments to enhance both payment convenience and operational efficiency.* This article has been translated by AI. 2026-05-13 17:11:59

Woori Bank and Samsung Wallet Money Surpass 2 Million Users in Six Months Woori Bank, in partnership with Samsung Electronics, announced that its Samsung Wallet Money service has exceeded 2 million new users within six months of its launch. The service differentiates itself from existing payment options by allowing users to make online and offline transactions using only their smartphones, as well as offering ATM withdrawals and money transfer capabilities. Samsung Wallet Money is automatically registered in the Samsung Wallet, enabling payments with just a smartphone tap without needing to open a separate app. Unlike some payment services that only work at QR code merchants, it can be used at regular card merchant locations, utilizing existing card payment infrastructure without requiring additional devices. The registration process has also been simplified. Users can sign up with just a mobile phone verification, and those aged 14 and older can directly recharge and make payments. The integration with Samsung Wallet, a standard service on Samsung smartphones, enhances accessibility by eliminating the need for a separate app installation. Recently, the service introduced a mobile transit card top-up feature to improve convenience. Users of Samsung Wallet Money can recharge their T-money mobile transit card balance without fees through an update to the Samsung Wallet app. Additionally, a top-up service for the Izle (formerly Cashbee) mobile transit card is in development, aiming for a launch in early the third quarter of this year. "Beyond simply expanding payment methods, the significance of Samsung Wallet Money lies in enhancing financial convenience in daily life," said Heo Min-woo, a manager in Woori Bank's platform business division. "We will continue to provide a broad financial experience for all customer segments."* This article has been translated by AI. 2026-05-13 17:11:14

Hana Bank's GLN Expands Overseas QR Withdrawal Partnerships, Enabling Cash Withdrawals via KakaoPay in Japan Hana Bank's subsidiary, GLN International, is expanding its overseas QR withdrawal service in Japan, Vietnam, and Laos. This enhancement allows users of major domestic financial and platform apps to withdraw local currency without the need for currency exchange. The expansion focuses on the Japanese market, increasing the number of partner app channels from three to seven. Notably, KakaoPay, which enjoys high usage rates in Japan's mobile payment sector, has been added to the list of domestic partner apps. As a result, travelers to Japan can now access QR withdrawal services through not only Hana OneQ, Hana Money, and Toss apps but also Hana Pay, KakaoPay, Purple GLN, and KB Star Banking apps. Withdrawals can be made at Seven-Eleven convenience store ATMs and Seven Bank ATMs located in airports throughout Japan. QR payments are also accepted at various merchants, including convenience stores, clothing shops, and health and beauty stores. In Vietnam and Laos, users can access QR withdrawal services through six apps: Hana OneQ, Hana Money, Hana Pay, Toss, Purple GLN, and KB Star Banking. In Vietnam, local currency can be withdrawn at BIDV Bank ATMs, while in Laos, withdrawals can be made at BCEL Bank ATMs. Lee Seok, CEO of GLN, stated, "With the expansion of the QR withdrawal service in Japan, Vietnam, and Laos, more customers can enjoy cash withdrawal services abroad using familiar domestic apps without inconvenience. We will continue to lead the way in providing a simple withdrawal experience for travelers without the need for currency exchange or physical cards."* This article has been translated by AI. 2026-05-13 17:11:01

BC Card's Paybook Grows to 15 Million Users as a Lifestyle Finance Platform BC Card's lifestyle finance platform, Paybook, is expanding its customer reach by focusing on convenient payment options and lifestyle-oriented app technology services. As of this month, BC Card reports that Paybook has accumulated approximately 15 million members. The monthly active user count for the first quarter of this year has also increased by over 16% compared to the same period last year. The user demographic is diverse, spanning not only those in their 20s and 30s but also individuals aged 40 and above, indicating its growth as an all-age platform. Paybook allows users to manage card products issued by over 40 BC Card partner companies within a single app. Users can make QR code payments at various offline and online merchants, including convenience stores, cafes, and supermarkets, without needing a physical card, simply by linking their bank accounts. The platform has also enhanced its convenience features. Users can register mobile vouchers within the app and connect their frequently used brand memberships for easy point accumulation by simply presenting a barcode. Recently, Paybook has expanded its app technology features aimed at helping users save on living expenses. The 'MyTag' service allows customers to select desired brand or industry benefits and receive discounts when paying with BC Card. The 'Shopping Rewards' feature provides additional points when shopping at major online retailers like Coupang and Ali. Additionally, the 'AI Hot Deal' service recommends special offers and discounts based on customer spending patterns. Paybook also offers a spare change investment service that collects change from card payments to invest in domestic and international stocks, along with an AI-based robo-advisor investment service.* This article has been translated by AI. 2026-05-13 17:10:14

The Evolving Landscape of Payment Methods: Competition Intensifies in Offline Transactions The competition in the mobile payment market is shifting from securing app users to establishing dominance in offline payment infrastructure. As the mobile app market reaches saturation, the battle for control over payment terminals and networks is intensifying.According to a report released in January by global market research firm Mordor Intelligence, near-field communication (NFC) payment methods accounted for 54.2% of South Korea's mobile payment market last year.As a result, the penetration rate of NFC terminals in South Korea is expected to have increased significantly this year. The country's card payment infrastructure has primarily been built around magnetic secure transmission (MST) and integrated circuit (IC) terminals. Even after the introduction of Apple Pay, NFC-based payments remained at around 10% as of the end of last year.Recently, major tech companies Naver Pay and Toss have ramped up their competition to distribute their own NFC terminals. Toss is leading the charge, expanding its reach through its subsidiary Toss Place, which has been distributing the smart terminal Toss Front since 2023. As of April, the number of Toss Front installations surpassed 330,000. Initially focused on popular areas in Seoul, such as Seongsu and Hongdae, the infrastructure is now expanding to traditional markets and regions outside the metropolitan area.Naver Pay, a latecomer in the offline market, is accelerating its efforts. Its smart terminal, Npay Connect, launched in November, supports card payments, mobile payments, QR codes, and facial recognition payment service Face Sign. The company is employing a two-track strategy targeting both small businesses and franchises. A Naver Pay representative stated, "While we cannot disclose specific distribution figures, we believe we have exceeded our internal targets within five months of launch," adding that they are also working to introduce terminals at Paris Baguette in the second half of the year, which will increase availability in offline stores.Kakao Pay is focusing on expanding its QR-based payment network rather than distributing its own terminals. The company has opted to collaborate with existing point-of-sale (POS) and value-added network (VAN) providers instead of building its own hardware. A Kakao Pay representative emphasized, "The key is not to own the terminals but to enable Kakao Pay transactions anywhere," noting that they are expanding offline touchpoints through QR orders, kiosk payments, and international QR payments.Industry experts believe that control over offline payment data will be a crucial factor in determining the future success of the mobile payment market. As mobile payments expand beyond online transactions into the offline consumer landscape, companies that secure payment infrastructure can achieve both user lock-in effects and data competitiveness.Jeong Yu-shin, a professor at Sogang University's Business School, stated, "Fintech platforms have traditionally grown around non-face-to-face services, but they are now transitioning to strengthen offline touchpoints to enhance customer loyalty. Online services allow users to switch easily to better platforms, so there is a trend to combine offline infrastructure to solidify customer bases."The competition in offline payments is expected to intensify further if Apple Pay expands its partnerships with card issuers. Seo Ji-yong, a professor at Sangmyung University’s Business School, remarked, "Once Apple Pay is introduced, fintech companies will seek partnerships to expand in the offline market, leading to intensified competition for market share in face-to-face payment channels."* This article has been translated by AI. 2026-05-13 17:09:46

KB Pay Expands Beyond Payments to Integrate Financial and Daily Services KB Kookmin Card's payment platform, KB Pay, is evolving from a payment app into a comprehensive platform that connects financial and daily services offered by KB Financial Group. Building on its payment capabilities, KB Kookmin Card is enhancing its asset management services. Through MyData, users can link accounts, cards, insurance, loans, and investment information scattered across various financial institutions, allowing them to manage their assets and spending. The service also provides personalized asset and spending analysis reports, free remittances, free currency exchanges, and credit score management. The platform features services linked to KB Financial Group affiliates. The automotive service, KB Autofit, supports vehicle price inquiries, used car transactions, and automotive product shopping. Users can also access car selling and home delivery services through KB Capital's KB Chachacha. KB Real Estate offers features such as property registration, sales information, housing recommendations based on conditions, and price inquiries. KB Pay is also expanding its non-financial services. The number of customers using KB Pay's shopping and travel services surpassed 10 million just two and a half years after its official launch. The shopping tab offers special deals, local community collaboration sections, gift options, and rewards from partner shopping malls, while the travel tab provides access to flights, accommodations, car rentals, and domestic and international travel packages. Thanks to this service expansion, the number of KB Pay subscribers exceeded 16 million in January of this year. Monthly active users increased from 7.36 million in 2023 to 9.33 million in 2025.* This article has been translated by AI. 2026-05-13 17:09:00

Buhyung Group Revives Long-Stalled Development in Seongsu-dong Buhyung Group is set to advance the development of the long-stalled Buhyung Hotel site in Seongsu-dong, Seongdong-gu, Seoul, which has been inactive for 17 years. The company plans to create a high-end mixed-use complex that combines residential, hotel, and cultural facilities, expanding its business scope beyond just housing.According to the construction industry on May 13, Buhyung Group has recently begun design modifications for the 10,900-square-meter site in the Ttukseom district of Seongsu-dong. The site, which was acquired from the city of Seoul for 370 billion won in 2009, is now estimated to be worth between 5 trillion and 6 trillion won due to rising land prices.Earlier this year, following Chairman Lee Joong-geun's commitment to resume the project, groundwork and other preliminary construction activities were restarted. However, the project is currently on hold for design changes aimed at optimizing certain structural elements and internal facilities to align with recent market trends.The plan includes two mixed-use buildings with eight underground floors and 49 above-ground floors. The large-scale project will feature a five-star hotel with 604 rooms, 332 residential units, and a multipurpose performance venue with approximately 900 seats. Industry experts believe that Buhyung's design modifications will further enhance the luxury aspect of the residential sector, considering the market prices of nearby high-end complexes like Acro Seoul Forest.A Buhyung representative stated, "The design changes are being made within the framework of the original plan, and we aim to commence full-scale construction and project execution by the end of the year."From a financial perspective, the Seongsu-dong development is a pressing issue. To alleviate the financial burden on some subsidiaries, such as Donggwang Housing, which have seen their debt ratios rise due to land acquisitions in Hannam-dong, early sales and cash flow generation from the Seongsu-dong site are essential.Buhyung is also preparing to develop other key sites, including the Yongsan Asia Apartment site, but its current focus appears to be on Seongsu-dong.Changes in the external environment are also a factor in the project's revival. In response to the government's tightening regulations on non-business real estate, Buhyung is actively pursuing tangible project execution. This clarifies that the company is not merely holding onto idle land but is committed to its core business objectives through direct construction and supply of designated project sites.However, Buhyung faces challenges due to unfavorable construction conditions. Concerns are being raised internally about the timing for actual construction, given the rising costs of raw materials and labor. In a high-inflation environment, creating a large-scale high-end mixed-use complex could pose significant profitability challenges.A Buhyung Group official remarked, "Preparations for project resumption are underway across the company, and recent hiring efforts support this initiative. We will finalize specific project details once the design modification process is completed."* This article has been translated by AI. 2026-05-13 17:03:27

Jollibee Appoints Former Samsung Executive Myung-Joo Song as CEO of Shabu All Day A former Samsung Electronics executive has been appointed as the new CEO of Shabu All Day, a shabu-shabu brand. This marks the first executive appointment since the global restaurant company Jollibee Foods Group acquired All Day Fresh. All Day Fresh announced on May 13 that it has appointed Myung-Joo Song, a former vice president at Samsung Electronics, as its new CEO. Song joined Samsung Electronics as part of its first female graduate recruitment program and worked there for over 30 years, overseeing the brand strategies and global operations for premium appliance brands such as 'Bespoke' and 'Grande.' He has held various positions, including head of the Sales Innovation Group and Global PM Group, and has expertise in brand and marketing. The decision to appoint someone with no prior experience in the restaurant industry reflects Jollibee Foods' strategic calculations. The company aims to develop Shabu All Day into a leading global brand representing K-food, prioritizing the new CEO's brand planning skills and global business experience. Earlier, Jollibee Foods acquired 100% of All Day Fresh's shares for approximately 130 billion won through its Korean subsidiary, Jollibee-K, and a consortium with private equity firm Elevation Equity Partners Korea. With the completion of this acquisition, All Day Fresh has fully separated from its former parent company, Myung-Ryun-Dang, and is now officially a subsidiary of Jollibee Foods Group. Song stated, "I will integrate the food and beverage operational know-how accumulated by the parent company into Shabu All Day to provide greater value to consumers while creating a sustainable growth model that benefits franchise owners. I plan to strengthen management focused on the field, keeping in mind that customer trust is the essence of this business." Shabu All Day has grown by offering unlimited shabu-shabu made with premium beef and fresh vegetables at affordable prices. Since opening its first location in July 2023, it has expanded to 172 stores nationwide in just three years.* This article has been translated by AI. 2026-05-13 17:00:14

KOSPI Rebounds Dramatically, Closing at Record High of 7,844 The KOSPI index rebounded dramatically, closing at a record high after initially dropping below 7,400. The index finished above 7,800, buoyed by buying from individual and institutional investors. On May 13, the Korea Exchange reported that the KOSPI closed at 7,844.01, up 200.86 points (2.63%) from the previous trading day. The index opened at 7,513.65, down 129.50 points (1.69%), and fell to the 7,400 level shortly after the market opened but quickly reversed its losses. Lee Kyung-min, a researcher at Daishin Securities, noted, "Domestic risks have eased, and expectations ahead of the upcoming U.S.-China summit have led to a successful turnaround. Samsung Electronics, SK Hynix, and SK Square all started lower but turned positive and expanded their gains." Seo Sang-young, a researcher at Mirae Asset Securities, commented, "The market appears to be more sensitive to short-term supply and news flow than macroeconomic variables. Therefore, for the time being, changes in supply and demand focused on specific sectors and large-cap stocks are likely to determine the direction of the index, and we expect continued volatility during trading hours." In the securities market, individuals and institutions made net purchases of 1.8869 trillion won and 1.6873 trillion won, respectively, driving the index's rebound. In contrast, foreign investors sold a net 3.7583 trillion won. Major stocks generally showed strength. Samsung Electronics, which initially fell over 5%, managed to rebound and closed at 284,000 won, up 1.79% from the previous day. SK Hynix also started weak but turned positive, closing at 1,976,000 won, up 7.68%. During the day, it reached as high as 1,990,000 won, setting a new record. Other notable gainers included SK Square (5.68%), Hyundai Motor (9.91%), HD Hyundai Heavy Industries (3.68%), Samsung Electro-Mechanics (7.41%), and Kia (6.65%). Conversely, LG Energy Solution (-2.93%), Doosan Enerbility (-4.46%), and Samsung C&T (-1.49%) saw declines. The KOSDAQ index closed at 1,176.93, down 2.36 points (0.20%) from the previous day. After a weak start, the index attempted to rebound but ultimately closed lower due to continued foreign selling. In the KOSDAQ market, foreign and institutional investors sold a net 601.9 billion won and 2.9 billion won, respectively. Meanwhile, individual investors made net purchases of 604.8 billion won, indicating a willingness to buy on dips. The performance of large-cap stocks was mixed. EcoPro BM (-4.09%), EcoPro (-3.36%), Kolon TissueGene (-11.53%), and Samchundang Pharm (-3.86%) declined, while Alteogen (3.51%), Rainbow Robotics (2.69%), Rino Technology (3.60%), JUSUNG Engineering (7.69%), and Wonik IPS (4.96%) finished higher.* This article has been translated by AI. 2026-05-13 16:56:21

National Security Chief: No Evidence to Confirm Drone Attack on Namwoo Wiesungrak, head of the National Security Office, stated on May 13 that there is no evidence to confirm that the aircraft involved in the incident with the Namwoo in the Strait of Hormuz was a drone. Speaking at a meeting with the Korean Newspaper and Broadcasting Editors Association in Seoul, Wiesungrak emphasized the need for further investigation, saying, "We do not have grounds to conclude that this is a drone. We need to consider the results of the investigation so far and conduct additional inquiries to make a determination." He added, "If it is not a drone, it could be a missile, and various possibilities remain open." Wiesungrak also noted, "Even if it is a drone, it does not necessarily mean that it poses a problem for certain countries." Regarding comments made by U.S. President Donald Trump, who stated that a South Korean cargo ship was attacked by Iran while acting independently, Wiesungrak said, "I am not sure what basis President Trump had for saying it was Iran. Discussions are ongoing between the U.S. and South Korea, but I have not received a clear answer regarding Trump's basis from the U.S. side." He mentioned that military roles are being considered as part of efforts to ensure free and safe navigation in the Strait of Hormuz. "While I cannot provide specific details, there could be military roles at various levels, and we are currently reviewing how far we can go starting from lower levels," he added.* This article has been translated by AI. 2026-05-13 16:54:45