Improvement of Financial Consumer Rights Protection System
[Sejong=Asia Economy Reporter Moon Chaeseok] From now on, the actual name of the purchasing vendor will be displayed in card transaction details. This is expected to resolve inconveniences caused by consumers having difficulty understanding transaction details.
On the 3rd, the Anti-Corruption and Civil Rights Commission announced that it will improve the standard terms and conditions for individual credit card members in collaboration with the Financial Services Commission and the Korea Credit Finance Association to protect the rights and interests of financial users.
Until now, except for some card companies, card transaction statements often displayed only the information of the PG (Payment Gateway) company rather than the actual purchasing vendor.
According to the Specialized Credit Finance Business Act, card companies receive and hold information about sub-merchants from PG companies. Consumers must separately contact the card company’s customer center or visit the PG company’s own website to verify this information.
In response, the Anti-Corruption and Civil Rights Commission reviewed and analyzed complaints related to the display method of card transaction details submitted to the National Petition System and prepared improvement measures, proposing their implementation to the Credit Finance Association.
The improvement aims to allow consumers to confirm the vendor from which they purchased goods without individual consultations through the card company’s customer center or accessing the PG company’s website.
Additionally, in cases of multi-layered PG payment structures involving multiple PG companies, it was proposed to display the sub-merchant information of the first PG company (for example, '00 Mart') and the headquarters of the second PG company (such as open markets like 11st, Interpark, simple payment services like Naver Pay, or delivery apps).
Based on the proposal from the Anti-Corruption and Civil Rights Commission, the Credit Finance Association plans to revise the 'Standard Terms and Conditions for Individual Credit Card Members' by September this year through consultations with related businesses and organizations.
Kim Gi-seon, Planning and Finance Officer of the Anti-Corruption and Civil Rights Commission, said, "We expect this institutional improvement proposal to minimize the inconveniences and anxieties of card users due to the expansion of non-face-to-face consumption," adding, "We will continue to carefully analyze factors causing difficulties in people's lives and actively work to improve them."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
