Toss launches prepaid card for newly arrived international students

Toss is providing prepaid cards to international students at 15 universities across Korea, allowing them to make payments before opening a local bank account.

Newly arrived students often face a gap in access to financial services because obtaining a foreigner registration card and opening a Korean bank account can take time.

The Toss prepaid card requires no domestic bank account and can be used for online and in-store purchases. Students can collect the card from the international office at a participating university and load it with cash at CU convenience stores.

The card can also be registered with Toss Pay for online transactions and includes Tmoney functionality for buses and subways.

Users can apply through the Toss app before traveling to Korea and pick up the card after arrival.

Toss is offering 20 percent cashback on in-store purchases, capped at 10,000 won ($7.24).

The fintech company said the service is intended to help international students manage everyday expenses during their initial settlement period, before they gain full access to Korea’s banking system.

Toss is also gathering feedback from foreign residents through its Toss Foreigner Bridge Crew, a program launched this year.

Now in its second cohort, the initiative allows international students living in Korea to propose and carry out service and marketing ideas. Toss plans to create an alumni community where participants can continue exchanging ideas and submitting suggestions after completing the program.

“We plan to introduce more services tailored to foreign users and improve their access to financial services in Korea,” a Toss official said.