The e-commerce companies Tmon and Wemakeprice, currently facing delayed settlements, have raised concerns about potentially escalating into a 'second Merge Point scandal.' In response, the Electronic Payment Gateway (PG) Association has expressed its apprehensions.
On the 26th, the PG Association stated in a press release, "PG companies have already paid all funds to Tmon and Wemakeprice," adding, "Refunds and cancellations should, in principle, be handled by the two companies holding the settlement funds." They further warned, "If cancellations occur in this case, it will affect the settlement amounts intended for small business owners by the PG companies, potentially leading to a second Tmon incident where PG companies are unable to pay small business owners their settlements."
They also argued, "If the responsibility for the Tmon and Wemakeprice incident is generally shifted to PG companies and unconditional refunds and cancellations proceed, PG companies themselves could become insolvent, putting the entire e-commerce sector at risk."
Since the 24th, when settlement delays of sales proceeds occurred at Tmon and Wemakeprice operated by the Qoo10 Group, card companies and PG companies have blocked transactions with these shopping malls. As cancellation requests surged, consumers suffered damages.
The PG Association stated, "If the right of withdrawal or installment defense rights lead to a large-scale cancellation incident, excessive burdens will be placed on primary PG companies, and settlements to other merchants of PG companies may also be delayed," emphasizing, "Care must be taken to prevent harm to honest small and medium-sized e-commerce merchants." They added, "Card companies are suggesting the possibility of cancellations without consulting PG companies to respond to consumer complaints, which significantly contradicts the future policy directions announced by the Financial Services Commission the previous day."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
