The government announced on the 20th that consumers should be cautious when purchasing gift certificates issued by Munhwa Gift Certificate Co., Ltd., which is unregistered as a prepaid business operator (issuance and management of prepaid electronic payment instruments).
The Financial Services Commission, Financial Supervisory Service, and Fair Trade Commission explained that the online gift certificates issued by Munhwa Gift Certificate Co., Ltd. fall under prepaid electronic payment instruments according to the amended 'Electronic Financial Transactions Act,' making them subject to prepaid business registration. However, the company appears to have continued online gift certificate operations without registering even after the registration deadline, prompting authorities to request an investigation.
In response, Munhwa Gift Certificate Co., Ltd. reportedly filed an administrative lawsuit on the 12th against the financial authorities to confirm the non-existence of the registration obligation.
The government emphasized that since Munhwa Gift Certificate Co., Ltd. is an unregistered prepaid business operator, user protection under the Electronic Financial Transactions Act, such as the obligation to separately manage the full amount of prepaid funds, does not apply. Therefore, consumers need to be cautious when purchasing and using gift certificates issued by Munhwa Gift Certificate Co., Ltd. If the company goes bankrupt, suspends operations, or reduces affiliated stores, it may be difficult to get a refund for the gift certificates.
However, if the gift certificates become unusable due to the discontinuation of transactions at affiliated stores, consumers can request a refund from the gift certificate issuer according to the consumer dispute resolution standards of the Fair Trade Commission. Consumers who purchase gift certificates online can withdraw their subscription within 7 days under the 'Act on Consumer Protection in Electronic Commerce, etc.' and receive a refund from the gift certificate seller within 3 business days.
A Financial Services Commission official stated, "Regarding the unregistered prepaid business status of Munhwa Gift Certificate Co., Ltd., the relevant ministries will closely monitor the company's refund and business trends and will continuously urge responsible responses."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
