TARGET MARKET DETERMINATION
This Target Market Determination (TMD) is dated 23 September 2025 and applies to the Toss App, and the services provided therein (“Services” or the “Toss Services”). The purpose of the TMD is to provide customers with an understanding of the class of customers for which the Toss App and its Services have been designed.
The TMD is not a replacement for the Product Disclosure Statement (PDS) and Terms & Conditions (T&Cs) which govern the Toss App and its Services. We encourage you to read and consider the PDS and T&Cs before deciding whether the Toss App and its Services are appropriate for you.
TOSS APP
The Toss App is a mobile-based platform that seeks to enable customers with a convenient all-in-one application to manage their day-to-day financial activities.
Toss App currently provides the following Services:
Key Characteristics:
TARGET MARKET ASSESSMENT
The table below sets out the product features, the characteristics of the intended target market, and circumstances where the product may be unsuitable.
| Product Feature | Likely Appropriate Customer Circumstances and Objectives | Not Appropriate For |
|---|---|---|
| Peer-to-Peer (P2P) Payments • Domestic, real-time payments between users’ bank accounts. • Non-custodial model – money moves bank-to-bank. • Instant notifications. • Daily transfer limit: $3,000 • Monthly transfer limit: $10,000 | • Individuals who need to send/receive money quickly (e.g. splitting bills). • Clients who value instant settlement and low-cost transfers. • Users willing to link existing bank accounts and complete electronic KYC. | • Consumers seeking international remittance solutions. • Users without an Australian bank account. • Clients who require manual or branch-based payments. • Clients who need to transfer amounts exceeding the daily or monthly limits. |
| Personal Finance Management (PFM) • Aggregates data from multiple banks via CDR. • Shows balances, transactions, and trends in one dashboard. • Consent-driven, secure data retrieval. | • Customers who want visibility over multiple accounts in one place. • Individuals aiming to improve budgeting and spending awareness. • Users comfortable consenting to secure data sharing. | • Clients unwilling to share banking data. • Users who prefer manual methods (paper statements, spreadsheets). |
| Rewards & Benefits Program • Gamified engagement activities such as Toss Walk, Toss Radar, Daily Fortune. • Small e-value rewards redeemable to bank account. • Rewards provided by watching short advertisements (10–15 seconds). | • Customers who enjoy gamified experiences and behavioural incentives. • Users motivated by micro-rewards to engage regularly with their finances. | • Consumers seeking substantial financial returns or material loyalty benefits. • Users who do not wish to receive gamified prompts or notifications. • Users who do not wish to view advertisements. |
| Digital-Only Distribution • Mobile app only; no branches or face-to-face service. • 24/7 access and support via digital channels. | • Tech-savvy customers comfortable with mobile banking and digital service channels. • Clients who value convenience and self-service. | • Clients requiring in-person service, paper documentation, or dedicated account managers. • Customers without access to a smartphone or stable internet connection. |
| Non-Custodial Model & Security • Funds never held on Toss’ balance sheet. • Payments processed via licensed payment partners. • Encrypted data exchanges and APP compliance. | • Risk-averse customers who prefer that funds remain in their own accounts. • Users who value transaction transparency and real-time notifications. | • Consumers seeking deposit-taking, interest-bearing accounts, or credit facilities. • Clients who require guaranteed custody or trust account arrangements. |
DISTRIBUTION
The Toss Services can only be distributed by us through the Toss App, which is available on the Apple App Store or Google Play Store. The Toss App and its Services will be distributed in accordance with the PDS and T&Cs, which are available here and here respectively.
REVIEW
The TMD will be reviewed on an annual basis, unless a particular event or circumstance occurs that might materially change the information contained in this TMD or suggest that it is no longer appropriate.
Periodic reviews will be undertaken at least annually.
A review will be undertaken immediately upon the occurrence of a review trigger, which is:
REPORTING
As the issuer and distributor, Toss will collect and analyse information about the Toss App and its Services on an ongoing basis to determine whether the TMD remains appropriate. The type of information Toss will collect includes: