Toss Payments joins deposit token payment infrastructure project

Toss Payments, Toss’s payment gateway affiliate, will take part in a deposit token-based payment infrastructure expansion project under the Ministry of Science and ICT and the Korea Internet & Security Agency’s blockchain innovation flagship project after being named the preferred bidder, Edaily reported. The project is a government-led pilot aimed at lowering payment fee burdens for small business owners. It will be overseen by the Korea Financial Telecommunications & Clearings Institute in cooperation with the Ministry of Economy and Finance and the Bank of Korea, and will be carried out through a private-sector consortium involving nine banks, eight payment gateway firms and two large demand-side participants.