Exclusion of Indirect Payment Records via Mobile Payment
Possible Reduction in Expected Cashback Amount
Concerns Over Card Company Complaints
[Asia Economy Reporter Ki Ha-young] As the Win-Win Consumption Support Fund cashback is scheduled to be paid on the 15th, caution is needed as card usage amounts paid through simple payment methods in excluded industries will be excluded from the cashback payment performance.
According to the government and the card industry on the 14th, the November cashback for the Win-Win Consumption Support Fund will be paid starting tomorrow. However, the cashback amount may be less than expected. This is because card usage amounts paid through simple payment methods such as Naver Pay and Kakao Pay in excluded industries like large marts and department stores are excluded from the cashback payment performance.
Although the October cashback paid last month included such simple payment performance, since it was decided to settle this at once in the November cashback, the expected cashback amount may decrease. In the worst case, there is a possibility that the entire cashback already received must be returned. Card companies conveyed this situation through notification messages when paying the October cashback.
Previously, controversy arose when purchasing products with Naver Pay at Emart Mall and Homeplus, which are listed on Naver, was recognized as Win-Win Consumption Support Fund performance. The same applies to luxury goods purchased through Kakao Gift. Although large marts, department stores, and large online malls were excluded from performance recognition industries to revitalize the local economy, it was possible to bypass payment through simple payment methods. Therefore, the government and the card industry decided to collectively settle bypass payments through simple payments and exclude them from cashback payment performance when paying the November cashback.
Meanwhile, the Win-Win Consumption Support Fund is a policy that returns 10% of the excess amount up to a maximum of 200,000 KRW in cash-equivalent card points if credit or debit card usage exceeds the average monthly card usage in the second quarter (April to June) of this year by more than 3% during October and November. According to the Ministry of Economy and Finance, the November cashback is tentatively estimated at 390 billion KRW and is scheduled to be paid to 8.2 million people on the 15th. In October, 8.1 million participants received a total of 387.5 billion KRW in cashback.
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