Naver Self-Regulation Committee Holds 7th Regular Meeting... Review of Shopping and Pay User Protection Status

Naver announced on the 4th that it held the 7th regular meeting of the 'Naver User Protection and Self-Regulation Committee (hereinafter referred to as the Naver Self-Regulation Committee).' The main topic of discussion at this meeting was the recent consumer damage triggered by long settlement cycles and poor management of some commerce platforms.

Naver explained the measures and systems in place to safely protect buyers and sellers across services including shopping, payment, and advertising, ensuring users can use the services with confidence. Naver Pay took several immediate actions to prevent the spread of damage right after the issue arose and became the first among electronic payment gateway (PG) companies to initiate advance refunds, processing refunds within 48 hours regardless of the item for cases with verified evidence, responding swiftly. To prevent further damage, exposure and search of related products were also suspended within Naver Shopping.

Naver Pay plans to participate in follow-up actions and system improvements by authorities to protect consumers and merchants, and to continuously provide policies prioritizing the protection of platform buyers and sellers, such as 'Fast Settlement.' Naver Pay's 'Fast Settlement' service settles 100% of the payment free of charge approximately three days after payment and the day after shipping starts. This is the shortest settlement cycle among major commerce platforms worldwide.

Regarding this, the Naver Self-Regulation Committee judged the company's response for user protection to be at the highest level according to the Organization for Economic Cooperation and Development (OECD) standards. Furthermore, it urged Naver, as a leading company, to expand communication channels with other companies and to further enhance pre-detection and post-response processes.

Meanwhile, at the 7th regular meeting, the Naver Self-Regulation Committee also reviewed Naver's policies and operations related to counterfeit goods and illegal or harmful products, assessing the company's efforts to minimize buyer damage.