KB Kookmin Card Launches 'Safe Payment Service for Secondhand Transactions'... "Utilize Points"

Usage fee below 1.5%
Up to 1,000,000 KRW per month on Junggonara and others

[Asia Economy Reporter Ki Ha-young] KB Kookmin Card announced on the 19th the launch of the 'KB Kookmin Used Goods Safe Payment Service,' which reduces the commission burden to less than half and shortens the payment period by about three days when trading used goods online between individuals using card points.

This service is an online safe payment service based on credit card points, where when a buyer pays for goods with a credit card on a used goods online platform partnered with KB Kookmin Card, points equivalent to the payment amount are charged and deposited into a 'safe payment (escrow)' account, and upon purchase confirmation, the deposited points are paid to the seller in cash.

This service is the third innovative financial service introduced by KB Kookmin Card following the 'Getback (Get100) Service,' which quickly pays card sales proceeds as points without deducting merchant fees for small business owners, and the 'Credit Tree,' a credit evaluation service specialized for individual business owners.

Any customer holding a KB Kookmin Card credit card among customers of the partnered used goods online platforms can use the service as a buyer. Sellers can use the service regardless of whether they are KB Kookmin Card customers by agreeing to the service use and consenting to provide personal information.

Currently, the service is provided on three used goods trading platforms: Uniqueuro Safe Payment within the Joonggonara Naver Cafe, the Joonggonara mobile application, and the Uniqueuro homepage. The number of available used goods trading platforms will continue to increase through expanded partnerships.

The service usage fee is less than 1.5% of the transaction amount, reducing the commission burden to less than half compared to the approximately 3.5?4.0% borne by sellers or buyers when using existing credit card safe payment (escrow) services. The transaction amount is also paid to the seller on the day of purchase confirmation, at least three days faster than before.

KB Kookmin Card conducts real-time monitoring using the 'Fraud Detection System (FDS)' to prevent illegal transactions such as illegal cash circulation disguised as card transactions (card kkang) and abnormal transactions. The usage limits for the service are set at a maximum of 1 million KRW per month for buyers (integrated management with gift certificate usage limits) and a maximum of 6 million KRW based on a six-month cumulative amount for sellers.

A KB Kookmin Card official said, "This service features safer and more convenient peer-to-peer used goods transactions compared to the existing cash remittance method through a self-developed payment and settlement process," adding, "It is expected to contribute to revitalizing the used goods market, estimated at 20 trillion KRW, by enhancing payment convenience for used goods customers and reducing various uncertainties that may arise in peer-to-peer transactions."

This content was produced with the assistance of AI translation services.