[Digital Today reporter Ji-young Lee (이지영)] "Quick Account Transfer", a simple account transfer service run by Viva Republica, operator of Toss, has exceeded 100 billion won in monthly transaction value. Cumulative users also topped 12 million.

Toss said on Saturday that, as of the end of August, monthly transaction value for "Quick Account Transfer" had surpassed 100 billion won and cumulative users had exceeded 12 million.

"Quick Account Transfer" is a service that allows users to pay directly from a bank account based on open banking. After registering an account on first use, users can make payments at supported merchants with only a six-digit password, and no separate certificate installation is required.

Use has also grown since its launch in April 2023. Cumulative users rose 1.8 times in about 1 year and 4 months, from 6.5 million in April last year to 12 million by the end of August this year. It is currently used in sectors including commerce, content and travel and aviation.

Merchants can adopt "Quick Account Transfer" not only through direct integration but also via major hosting firms such as Cafe24, I'mweb, Godomall and Makeshop.

Toss has recently revised the sign-up and payment process. It simplified procedures so users can sign up by importing accounts registered in the Toss app, and it reduced payment restriction times by subdividing bank maintenance hours to match each bank's actual maintenance schedule. It also added a feature that provides guidance at the payment stage when there are insufficient funds.

As a result, based on internal figures at Toss, the payment success rate for "Quick Account Transfer" is 92 percent, up 4.8 percentage points from 87.2 percent last year. It also operates a Fraud Detection System (FDS) that blocks payments or requires additional authentication when suspicious transactions occur, as well as an escrow service.

A Toss official said, "Based on a simple payment experience and merchants' cost efficiency, the number of users and transaction volumes are growing."