Shinhan and Samsung Suspend Homeplus Gift Card Payments... "Customer Damage Prevention Measure"

More Companies May Suspend Payments
Uncertainty Over Renewal of Affiliated Card Contracts

Shinhan Card and Samsung Card have suspended payments for Homeplus gift certificates to prevent customer damage. While the affiliated card services for Homeplus customers provided by these two companies and KB Kookmin Card have not yet been discontinued, the contract renewal remains uncertain.

According to industry sources on the 12th, Shinhan Card and Samsung Card recently stopped approving payments for the purchase and recharge of Homeplus gift certificates.

A Samsung Card representative stated, "The use of Homeplus gift certificates by affiliated companies has been suspended," adding, "We took measures on gift certificate purchases to prevent customer damage." A Shinhan Card representative also said, "We proactively suspended gift certificate purchases."

Following Homeplus's application for corporate rehabilitation procedures, affiliated companies such as Shilla Duty Free, CJ Foodville, and Everland have successively blocked the use of Homeplus gift certificates, fearing delays in repayment.

Although gift certificates are commercial claims and are being traded normally, there is widespread distrust in the market toward Homeplus's major shareholder, MBK Partners. Anxiety over potential defaults is also increasing.

Payments for Homeplus gift certificates are still possible with card companies other than Shinhan and Samsung Cards, but other card companies are also considering suspending payments.

Providers of Homeplus affiliated card services, including Shinhan, Samsung, and KB Kookmin Cards, have not yet terminated their affiliated card contracts.

However, the renewal of contracts is uncertain. Considering repayment trends, the ability to resume operations, and public opinion, if the risk of a sharp decline in the number of issued cards increases, they may choose not to pursue contract renewal with Homeplus.

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