As Venmo continues to grow, PayPal is now trying to recreate that success abroad, starting in South Korea. On Wednesday, Viva Republica, the maker of Toss, a popular money transfer app, announced that it had raised about $48 million from PayPal and a handful of Silicon Valley venture capital firms. While South Koreans have long been able to transfer money through their mobile phones, the process is often rigorous, requiring multiple steps for security and verification. "There were the obvious players: PayPal, Venmo, Braintree, Square and then, out of nowhere, a South Korean company started hitting our charts. "PayPal is operating a business here, but nobody uses PayPal," Lee said, bluntly.

Source: Forbes March 09, 2017 15:01 UTC