Will T-Mef Refund Speed Up... PG Company to Cancel Payment Following Nekato

Pay 3 Companies to Implement 'Refund First, Collect Later'
PG Companies to Support Payment Cancellation and Refunds

As consumer damages occur due to the unsettled payment crisis involving TMON and WEMAKEPRICE, the simple payment (pay) industry including Naver Pay, Kakao Pay, and Toss Pay is starting proactive refund measures. The electronic payment gateway (PG) industry is also expected to support payment cancellations.

According to the financial sector on the 28th, the three pay companies will begin proactive refund measures starting today. Consumers who used TMON or WEMAKEPRICE via Naver Pay can apply for payment cancellation and refund by attaching a screenshot of their payment and purchase history. Even if they have already applied for payment cancellation and refund through their card company, they can separately request it through Naver Pay. Payment cancellation is expected to be completed within 48 hours after application.

Once the payment cancellation is completed, payments made with Naver Pay points or money will be refunded immediately. Card payments take about 2 to 5 days, and for payments made in the previous month, the amount will be deducted from the card statement. Consumers can check the exact refund timing by contacting their respective card companies.

Consumers who used TMON or WEMAKEPRICE via Kakao Pay can receive payment cancellation and refunds by entering payment details, order details, and delivery status. The payment cancellation application window is expected to open around 12 PM today on the Kakao Pay application and KakaoTalk customer center. Toss Pay announced the "TMON and WEMAKEPRICE payment refund and cancellation request procedure" early this morning. The refund process can be carried out through the Toss app and Toss KakaoTalk channel.

PG companies are expected to open payment cancellation or dispute application windows within next week. On the afternoon of the 26th, the Financial Supervisory Service convened executives from PG companies contracted with TMON and WEMAKEPRICE, such as KG Inicis, Toss Payments, and KCP, to request cooperation regarding the resumption of payment cancellations. It is known that these PG companies were informed that suspending payment cancellation procedures may violate the Specialized Credit Finance Business Act. According to this act, payment gateway companies must comply when credit card members request transaction cancellations or refunds. Among the PG companies, Toss Payments decided to accept dispute application procedures starting from 8 AM on the 29th.

If PG companies support payment cancellations, refunds can be received faster than by filing disputes with card companies. When filing disputes through card companies, the card company must verify with the PG company and TMON or WEMAKEPRICE whether the reason for payment cancellation is valid, but applying disputes directly to the PG company shortens one step. The refund processing period is expected to be reduced from approximately 2 to 3 weeks to about 1 to 2 weeks.

TMON and WEMAKEPRICE have also belatedly started consumer refunds. On the 26th, they announced payment cancellation and refund methods through nine domestic card companies (Samsung, Shinhan, KB Kookmin, Lotte, Hana, Hyundai, BC, NH Nonghyup, and Woori). Consumers can use the dispute procedure for usage fees or installment withdrawal rights and defense rights at each card company’s customer center. Installment withdrawal rights and defense rights refer to consumer rights to cancel payments or not pay the remaining installment balance for goods or services purchased on installment. These rights can be used when the transaction amount is 200,000 KRW or more and the installment period is 3 months or longer.

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