Financial technology headline
South Korea selects Toss Payments to advance CBDC merchant integration, with no need to replace existing POS terminals.
South Korea is stepping up the implementation of its central bank digital currency (CBDC). Toss Payments has been selected as the merchant gateway for Project Hangang, and will use a budget of approximately 9.6 billion Korean won to seamlessly integrate deposit token transactions into existing POS terminals. Combining the small-scale trial in the first phase with the expanded pilot in the second phase, South Korea is seeking to create use cases for the CBDC without increasing the burden on merchants.