The Toss deferred payment service is a service that provides deferred payment of small expenses to unemployed students, housewives, etc. who have difficulty issuing credit cards. This is a service where Toss first pays to the affiliated store on behalf of the consumer, and the consumer pays the payment later. If you don’t have money in your bank account or a credit card right now and you need to purchase something, you can use the Toss postpaid payment service. Let’s find out how to use it.
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Toss postpaid payment service
Toss Postpaid Payment Service is a BNPL service (Buy Now Pay Later), which refers to a service where you purchase first and pay later. The usage limit is calculated based on personal credit or transaction performance, and can be used by contracted companies. Although it has a lower limit compared to a credit card, the fees are low and you can use it even without any financial history, so it is an efficient service for unemployed people with insufficient financial history. However, please use it with caution as the interest charged and credit score drop can be significant in case of late payment.
1. Postpaid payment subscription
Toss members who are 19 years of age or older and have Korean nationality are eligible for membership. Since no separate credit screening is required, people from the financially underprivileged who have difficulty issuing credit cards can also use it.
2. Advantages and disadvantages of postpaid payment
Unlike credit cards, there is no annual fee required.
There are no interest or usage fees.
It does not affect your credit score.
Cash receipts are automatically issued.
Late payments have a significant impact on lowering your credit score.
Compared to credit cards, the limit is small.
Available only at select affiliated stores.
3. Deferred payment limit
Currently, the Toss deferred payment limit is set at a maximum of 300,000 won. According to Toss guidelines, it may vary depending on usage history and internal policies. The limit may be increased based on various criteria, such as consistent use of deferred payment. Conversely, if payment is overdue, is not used for a long period of time, or has a history of delinquency for other services, the limit may be adjusted downward.
4. Merchants using deferred payment
There are a total of 76 brands that support postpayment: Musinsa, ABLY, Yeogi Eottae, Yanolja, Cream, Timon, Today’s House, Ali Express, WeMakePrice, Hiber, Lookpin, Brandy, Must It, Ideas, W Concept, Aladdin. , Yogiyo, Jeju Air, Jin Air, Honey Stay, Lotte Duty Free, Kyobo Bookstore, E-Land Mall, Ranking.com, Ten by Ten, Infren, T’way Air, Korean Air, Hwahwa, etc. It appears that most online sites can be used. All affiliated stores can be found on the Toss app.
How to use Toss postpaid payment
1. Sign up for postpaid payment
First, access the mobile app Toss and touch ‘All’ in the bottom menu, then touch ‘Payment – Postpaid Payment’.
Check the terms and conditions and touch the ‘Agree and Confirm Limits’ button.
Set the payment account and payment date and touch the ‘Confirm’ button to complete your subscription to the deferred payment service.
Sign up for Toss postpaid payment service
2. How to use deferred payment
Select ‘Tos Pay’ as the payment method at 76 affiliated stores and proceed with payment. You can proceed with payment by selecting the ratio (edit amount) of deferred payment and formal payment.
Sign up for Toss postpaid payment service
Toss Postpaid Payment FAQ
I would like to cancel deferred payment.
You can cancel through the ‘All’ menu at the bottom right – ‘Postpaid Payment’ – ‘Introduction to Postpaid Payment’ at the bottom and the ‘Cancel Postpaid Payment’ menu at the bottom. In addition, if there is any remaining refunded amount, if there is any remaining amount to be paid, or if the payment is in arrears, cancellation will be denied.
Deferred payment does not apply when purchasing a product at a postpaid payment affiliated store.
When purchasing cashable products such as e-coupons (e.g. mobile coffee vouchers, department store gift certificates), deferred payment cannot be used. In the case of some shopping malls that sell both regular products and high-value products, deferred payment is not possible for high-value products.
How do I pay the deferred payment amount?
It will be automatically debited from your payment account on the selected payment date. If your account balance is insufficient, the entire payment amount will be overdue, so please check your account balance in advance. You can also pay the amount you have used so far in advance through the ‘Prepay’ menu.
What happens if Toss postpaid payment is overdue?
If you are late on your deferred payment, you will no longer be able to use the service, and a late payment fee calculated at 12% per annum will be charged on the overdue principal. However, even if you pay late, your credit score will not drop. The reason is that the deferred payment service is not linked to a credit rating agency. However, at the corporate level, collection procedures are carried out in accordance with the Debt Collection Act, so please use it without delinquent payments.
Toss Postpaid Payment Review
I looked into the Toss postpaid payment service. When paying with Tos Pay, there was no difficulty because postpaid payment can be used with a single touch. Although it has to be used only at designated affiliated stores, all major online stores are affiliated stores, so there was no problem using it. I think it would be good for newbies who have difficulty issuing credit cards to use it instead of a bank account. This seems like a useful feature if used within a moderately small limit. Naver Pay and Kakao Pay also have postpaid payment services, so you can use the service you prefer.