Interpark Commerce and AK Mall Also Unsettled... Interpark Books Service Suspended

Qoo10 Domestic Affiliates Face Widespread Crisis

The settlement delay crisis of e-commerce platforms TMON and WEMAKEPRICE has spread to Interpark Commerce and AK Mall, other affiliates of the Qoo10 Group.

On the 31st, Interpark Books announced through a notice that "due to the recent settlement delays by TMON and WEMAKEPRICE, it has been agreed to temporarily suspend services until normalization." Interpark Books is operated by Interpark Commerce.

Interpark Shopping and AK Mall, operated by Interpark Commerce, continued normal operations even after the 'TMEP' settlement delay crisis, but as consumer attrition continued, the risk of unsettled sales proceeds became a reality.

Koo Young-bae, CEO of Qoo10 Group, is bowing his head in apology during an emergency inquiry related to the 'Timon and Wemakeprice settlement and refund delay incident' held at the National Assembly's Political Affairs Committee on the 30th. Photo by Hyunmin Kim kimhyun81@

AK Mall stated in a notice the previous day, "Interpark Shopping, Interpark Books, and AK Mall, operated by Interpark Commerce, have not received sales proceeds due to the TMEP settlement delay, and some electronic payment gateway (PG) companies' withholding of payment has caused delays in sales proceeds settlement."

Unlike TMEP, which operates on a monthly cycle, Interpark Commerce runs a weekly settlement system every Monday. It was explained that some PG companies and simple payment providers froze Interpark Commerce's sales proceeds, causing cash flow issues and failure to pay settlement funds to some sellers.

Interpark Commerce is currently negotiating with the relevant payment companies and sellers to minimize damage to consumers.

On the previous day, Qoo10 CEO Koo Young-bae responded to an urgent inquiry at the National Assembly's Political Affairs Committee regarding the TMON and WEMAKEPRICE settlement delay crisis, when asked, "Is there a possibility that Interpark (Commerce) and AK Mall will also fail or delay settlements?" by saying, "I understand that there is such a possibility."