Card Industry "Establishing Cancellation Procedure for Timf Payment Amount"

As the delay in seller settlements by TMON and WEMAKEPRICE causes increasing harm to consumers, purchasing customers are visiting WEMAKEPRICE headquarters in Samseong-dong, Seoul on the 25th to submit refund requests. Photo by Heo Younghan younghan@

The Korea Financial Investment Association and the card industry announced on the 26th that they will minimize consumer inconvenience and prevent the spread of consumer damage by responding promptly to complaints and handling the settlement delay incident involving TMON and WEMAKEPRICE.

The card industry has allowed credit card members who have properly paid for goods on TMON and WEMAKEPRICE but have not received them to apply for payment cancellation. Cancellation requests can be made through the credit card dispute procedures available at card company call centers, websites, and mobile apps. If the reason for cancellation is valid, the payment cancellation process for the customer will proceed.

However, since card companies find it difficult to directly verify specific transaction details, it may take some time to determine whether the cancellation reason applies through the payment gateway (PG) companies and TMON and WEMAKEPRICE. Nevertheless, they explained that they will ensure the dispute procedures proceed without any issues.

They also plan to promptly review and process requests for installment contract withdrawal and defense rights. If the payment amount is 200,000 KRW or more and is to be paid in installments over three months or longer, the consumer can exercise the right to withdraw from the installment contract and defense rights under the Installment Transactions Act. When complaints related to installment transactions are received, they will take measures to review and process them as quickly as possible.

A card industry official stated, "We will continue to consult with financial authorities to see if there are any additional support or cooperation measures needed and will do our best to prevent the spread of consumer damage."