FSS summons card companies related to 'Timon·Wemakeprice'... "Active refunds and complaint handling"

Emergency Meeting with 8 Card Companies at 3 PM on the 25th
Active Guidance on Using Installment Withdrawal and Defense Rights
Card Companies Cannot Refund First... PG Consent Required

Financial authorities have convened credit card companies regarding the delayed settlement issues with Tmon and Wemakeprice, urging them to actively proceed with refunds related to payment transactions.

According to the financial sector on the 25th, the Financial Supervisory Service (FSS) held an emergency meeting around 3 p.m., chaired by Deputy Director Park Sang-won, gathering executives responsible for consumer affairs from eight credit card companies. The FSS requested that refunds for card payments made by Tmon and Wemakeprice consumers be carried out without any setbacks. A senior FSS official who attended the meeting stated, "We asked the card companies to do their utmost to protect consumers affected by the Tmon and Wemakeprice situation," adding, "The card companies plan to actively guide customers to exercise their rights to cancel installment payments and raise objections, and the financial authorities will monitor this daily." The rights to cancel installment payments and raise objections allow consumers who paid in installments to withhold payment of remaining installments. These rights can be exercised if there is a problem with the purchased goods or if the agreed services are not provided.

However, at this meeting, the option for card companies to cancel card transactions and refund customers independently of the consent of electronic payment gateway (PG) companies was not discussed. Card companies maintain that they cannot arbitrarily cancel payments without the consent of the PG companies with which they have merchant contracts. An FSS official explained, "Card companies do not have information on whether consumers who received goods have pressed the payment cancellation button, so it is difficult to proactively issue refunds first," adding, "Ultimately, verification must be conducted through the PG companies." He further stated, "However, if a legitimate reason for refunding a customer’s payment is confirmed through PG company verification, we requested that card companies actively proceed with refunds."

Currently, PG companies have completely suspended card cancellations and card payment support for existing transactions within Tmon and Wemakeprice. They explained that even if consumers request payment cancellations or refunds, it is practically difficult to receive refund or cancellation funds from Tmon and Wemakeprice, so to prevent greater damage, they have blocked not only card cancellations but also card payments. Consumers are experiencing inconvenience, such as visiting the headquarters directly to receive refunds from Tmon and Wemakeprice.