PG Companies Also Suspend Transactions
Complaints requesting payment cancellations to credit card companies are surging due to the delayed settlements involving TMON and WEMAKEPRICE.
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, waiting to apply for refunds. Photo by Heo Younghan younghan@
According to the credit card industry on the 26th, the number of complaints received by credit card companies related to the TMON and WEMAKEPRICE incident reached approximately 75,000 as of 3 PM that day. Until the previous day, 30,000 complaints had been received, with an additional 40,000 filed on the same day.
The Financial Supervisory Service summoned executives from eight credit card companies the day before and urged them to ensure smooth refunds for card payments where consumers have not received their goods due to this incident.
Earlier, payment gateway (PG) companies halted transactions following the TMON and WEMAKEPRICE settlement delay incident. Both credit card payments and cancellations of already made payments were suspended.
In response, the credit card industry is informing consumers who paid for goods on TMON or WEMAKEPRICE but have not received them that they can file a "credit card usage dispute" with their credit card company. The credit card companies will verify whether the cancellation reasons apply upon receiving complaints and disputes, and then proceed with payment cancellations.
Starting from the 29th, financial authorities plan to inspect matters related to credit card usage dispute applications and installment contract withdrawal rights at credit card companies.
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