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[Alpha Biz=(Chicago) Reporter Paul Lee] Viva Republica (Toss) and Kakao Pay will take the first step toward targeting the auto installment finance market, which is estimated to be worth 40 trillion won a year, by launching a new card installment comparison service.
According to related industries on the 8th, Toss is preparing a comparison service for a new card installment system with the aim of launching it in mid- to late next month. Toss said, "We will strengthen consumer choice in the offline-oriented auto finance market by comparing the installment rate and limit of each card company at a glance." Kakao Pay will also launch a credit card installment payment comparison service soon following the launch of a lump-sum cashback comparison service.
As a result, Toss and Kakao Pay will be able to take the first step in auto finance, which will lead to auto insurance brokerage and auto lease and installment brokerage. Toss recently added a "car insurance renewal notification" service to its app ahead of the launch of insurance comparison and recommendation services through its online platform at the end of this year.
It also recently acquired a license for a financial product sales agent (less/installment agent) and opened up the possibility of expanding its lineup in the future. There is also a possibility of collaboration with Toss Bank, an affiliate. K-Bank, a competitor of Toss Bank, plans to launch a loan for car loans this month and to release a loan for car purchases within the year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
