Woori Bank is joining hands with Toss Place to support improvements in the payment environment for small merchants and self-employed business owners.

Woori Bank said on July 5 it will run a "merchant terminal purchase support and payment account switch event" with Toss Place from July 6 through Dec. 31.

Under the event, merchants who newly buy a Toss Place terminal and newly designate or switch the deposit account for card settlement payments to Woori Bank will receive support of 80,000 won.

Participation is open to small business owners preparing to start a new business as well as operators already using accounts at other banks.

Merchants can use Toss Place's payment terminal, Toss Front, to improve in-store payment convenience. They can also use related financial services as a Woori Bank primary merchant customer.

Park Jun-seok (박준석), head of the SOHO Business Division at Woori Bank, said, "We prepared this to provide practical cost-saving benefits to small merchants and self-employed business owners facing rising management burdens." He added, "We will continue to expand win-win financial products and digital services for small merchants."