'Aftermath of Timeth' Card Company Complaints Double... 1,219 Timeth Complaints

3rd Quarter Card Company Complaints Total 2,344 Cases
Association Explains Surge in Complaints Through Precautions
"TMEF Refund in Progress... Caution Still Needed"

The number of complaints in the card industry more than doubled due to the unsettled payment chaos involving TMON and WEMAKEPRICE (Timap). Concerns have also been raised that complaints may continue until the end of the year, as refund procedures related to Timap have not yet been completed.

According to the Credit Finance Association on the 1st, the total number of complaints in the third quarter of this year from seven domestic full-service card companies (Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Hana, and Woori Card) was 2,344. This represents a sharp increase of 117.4% compared to the previous quarter (1,078 cases).

By card company, Shinhan Card, the number one in the credit card industry, recorded the highest number of complaints at 627 cases, an increase of 26% compared to the previous quarter. Samsung Card and Kookmin Card recorded 442 and 401 cases respectively, followed by Hyundai Card (330 cases), Lotte Card (284 cases), Hana Card (181 cases), and Woori Card (79 cases).

In response, the Credit Finance Association unusually explained the surge in complaints due to the Timap incident by using the 'Precautions for Use' and 'Remarks' sections. According to the association, the number of complaints related to Timap in the third quarter of this year totaled 1,219 cases, accounting for about half of all complaints. They also announced, “Many consumer inconveniences and related complaints occurred due to delays in refund procedures by the electronic payment gateway (PG) and Timap. Please note that the increase in these complaints is due to external factors.”

During the Timap incident, the card industry had informed that refund procedures could be delayed until the PG company, which handles card payments, confirms whether payment cancellations are possible. While refund procedures for general products have started belatedly, refunds for travel products are still on hold. This is because card companies, PG companies, and related industries are engaged in disputes over the burden of refund costs.

In this situation, the three major simple payment (pay) companies had already supported payment cancellations or refunds for Timap victims, which increased consumer dissatisfaction with card companies. The pay companies even proceeded with refunds for the controversial travel products, absorbing the losses.

A card industry official said, “Card companies are responding quickly to complaints and processing them to minimize consumer inconvenience,” but added, “Although the number of complaints in the next quarter may decrease compared to the third quarter of this year when the Timap incident occurred, the situation cannot be considered safe as the Timap issue has not been completely resolved.”