Gmarket - Korean No.1 Shopping Site, Hottest, Trendy, Lowest Price, Worldwide shipping available

Terms of Use of Services for Electronic Financial Transactions

This English translation is provided for your reference purposes only, and is not legally binding. Only the Korean version of the Terms of Use of Services for Electronic Financial Transactions are legally binding.

Chapter 1. General Terms

Article 1 (Purpose): The purpose of these Terms of Use of Services for Electronic Financial Transactions (the “TOU”) is to set forth the legal relationship in an electronic financial transaction between Gmarket Inc (the “Company”) and the users (the “Users”) who intend to use either online or in-store services after signing up for the electronic financial transaction services (the “EFT Services”) provided by the Company through the following Internet websites (collectively, the “Websites”):

1. Auction (http://www.auction.co.kr/) (the “Auction Site”)

2. GMarket (http://www.gmarket.co.kr) (the “Gmarket Site”)

3. Any other websites operated by the Company
Article 2 (Definitions): (1) Capitalized terms used herein shall have the following meaning:
1. “Electronic Financial Transaction” or “EFT” means any transaction where a financial company or an electronic financial service provider provides electronic financial products and services through the Electronic Device (the “E-Financial Business”), which is used by the Users in an automated manner without appearing in person before or directly communicating with employees of the financial company or the electronic financial service provider.

2. “Electronic Payment Means” means electronic means of payment such as an electronic pre-payment means, credit card, etc. as defined in Article 2(11) of the Electronic Financial Transactions Act (the “EFTA”).

3. “Electronic Payment Transaction” means any Electronic Financial Transaction whereby a person making payment (the “Payer”), makes the Company transfer money to the other person receiving the payment (the “Payee”) by Electronic Payment Means.

4. “Electronic Device” means any device used to transmit or process the Electronic Financial Transaction information through electronic means, such as a cash dispenser, automatic teller machine, debit terminal, computer, telephone, or other devices that electronically transmit or process information.

5. “Means of Access” means any means or information used for the purpose of issuing a Transaction Request or securing the authenticity and accuracy of Users in the Electronic Financial Transaction, such as an electronic card or other electronic information equivalent thereto (including credit card information); algorithm information used to create an electronic signature and certificate under the Digital Signature Act; passwords, user identification number registered with financial institutions or electronic financial companies, and biometric data of Users necessary for using any of the foregoing means or information, etc. that are defined in Article 2 (10) of the EFTA.

6. “EFT Services”or “Services” means services the Company provides to Users as described in Article 4 hereof.

7. “User” means, unless otherwise provided in Chapters 2 through 4, the members who have agreed with the TOU and who are using the EFT Services provided by the Company.

8. “Transaction Request” means any request whereby a user asks a financial institution or an electronic financial company to process an Electronic Financial Transaction pursuant to an EFT agreement.

9. “Error” means any case where an EFT fails to be executed pursuant to either an EFT agreement or the User’s Transaction Request without willful misconduct or negligence on part of the User.

10. “User Number” means a combination of numbers and letters set by the User and approved by the Company to identify individual Users and to let the Users to use services.

11. “Password” means a combination of numbers and letters set by the User and approved by the Company to identify individual Users and to protect the members’ information.

12. “Chain Store” means any person who offers goods or services to the Users either online or in store with respect to transactions conducted by using the Electronic Payment Means under a contract with the Company.

(2) Any terms not defined herein shall have the meaning provided under the EFTA and other applicable laws and regulations.
Article 3 (Disclosure and Amendment of the TOU): (1) The Company shall disclose the TOU on the Websites before the User entering into an EFT to ensure that the Users may check important terms and conditions contained herein.

(2) The Company shall send a copy of the TOU to a User upon his/her request by transmitting an electronic document (including transmission by email), by facsimile, mail or in-person delivery and explain the terms and conditions hereof.

(3) If any terms of the TOU are amended by the Company, the amended TOU shall, for one (1) month prior to the TOU taking effect, be (i) posted on the screen that prompts Users to enter their financial transaction information (i.e., order form) and on the Websites and (ii) notified to the Users; provided that the Company shall verify that it properly notified the Users of the amendments to the TOU if there is any objections raised by a User.

(4) If the Company posts or notifies the amended TOU under Paragraph (3), it shall notify the Users to the effect that ‘the Users may terminate any agreements from the date when the amendments to the TOU are posted or notified to the business day preceding the effective date of the amendments to the TOU, and if the Users do not object to the amended TOU, they shall be deemed to have approved the amendments to the TOU.

(5) The Users may terminate any agreements for Electronic Financial Transactions from the date when the amendments to the TOU are posted or notified pursuant to Paragraph (3) above to the business day preceding the effective date of the amendments to the TOU. The Users shall be deemed to approve the amendments to the TOU unless they raise an objection against such amendments within the foregoing period.

(6) If the Company urgently amends the TOU due to any amendments to applicable laws and regulations, it shall immediately post the amended TOU on the Websites (i.e., Electronic Device) for at least one (1) month and notify it to the Users.
Article 4 (Composition and Details of EFT Services): (1) The EFT Services consist of the following individual services, and the Company shall post details on each service on the Websites

1. e-Payment Gateway Services;

2. Payment Escrow Services (services for the protection of sales & purchases); and

3. Services relating to the issuance and management of the Electronic Pre-payment Means

(2) The Company may add or amend services as necessary by providing prior notification to the Users.
Article 5 (Confirmation of Transaction Details): (1) The Company shall ensure that the User can confirm the details of his/her transactions through the applicable service information pages on the Websites (including the User’s ‘details of the requests for correction of errors and the results of its processing’). If the User requests that the Company provide the transaction details in writing, then the Company shall, within two (2) weeks from the date it received such request, deliver the transaction details in writing by facsimile, mail, or personal delivery.

(2) If the Company is unable to provide the transaction details in writing requested by the User pursuant to Paragraph (1) above due to operational failure of the Electronic Device or other causes, then it shall immediately notify the User of such cause by transmitting an electronic document (including transmission by email). In this case, the period during which the transaction details cannot be provided due to operational failure of the Electronic Device shall not be included in the calculation of the delivery period of the written statement in Paragraph (1) above.

(3) Of the transaction details under Paragraph (1) above, the Company must retain the following information for five (5) years:
1. Name or number of transaction account;
2. Type and amount of transaction;
3. Information identifying the counterparty to the transaction;
4. Date and time of transaction;
5. Type of the Electronic Device and information identifying the Electronic Device;
6. Fees that the Company received in connection with EFTs;
7. User consent for the withdrawal of money;
8. Access records of the Electronic Device related to the subject EFT;
9. Request for EFT and change in conditions for the EFT; and
10. Records on EFTs where the transaction amount is more than KRW 10,000 per transaction

(4) Of the transaction details under Paragraph (1) above, the Company must retain the following information for one (1) year:
1. Records on de minimis EFTs where the transaction amount is KRW 10,000 or less per transaction;
2. Records regarding approval of transactions in relation to the use of the Electronic Payment Means; and
3. User’s request for correction of Errors, and the result of its processing.

(5) The User may request the written documents set forth in Paragraph (1) above to the following addresses and phone numbers:

1. For the Auction Site
Address: Toona Building 9th Floor, 461 Sang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do
Email address: mediation@corp.auction.co.kr
Phone number: 1588-0184

2. For the Gmarket Site
Address: Toona Building 9th Floor, 461 Sang-dong, Wonmi-gu, Bucheon-si, Gyeonggi-do
Email address: gmk_cs@corp.gmarket.co.kr
Phone number: 1566-5701

3. Any other addresses, email addresses, and phone numbers of CS Center(s) posted on the first page of each Website designated or operated by the Company.
Article 6 (Correction of Errors, etc.): (1) When the User becomes aware of an Error in using the EFT Services, he/she may request the Company to correct the Error.

(2) When the Company receives a request to correct an Error pursuant to Paragraph (1) above or becomes aware that there is an Error, it shall immediately investigate and effect the appropriate corrections to the processed transaction, and shall notify the User in writing of the cause of the Error and the results of its corrective action within two (2) weeks from the date when it receives the request or becomes aware of the Error, by phone, or by e-mail; provided that it may deliver a physical copy of such notification upon request by the Users.
Article 7 (Generation and Retention of EFT Records): (1) The Company will generate and retain records, from which the Users can track or search details of the Users’ EFTs, or from which any Error in EFT details, if found, can be checked or corrected.

(2) Types of, and method of retention for, the records to be retained by the Company under Paragraph (1) shall be subject to Paragraphs (3) and (4) of Article 5 hereof.
Article 8 (Cancellation of Transaction Request): (1) A User who has entered into an Electronic Payment Transaction may cancel his/her Transaction Request at any time prior to when the payment becomes effective, by transmitting an electronic document (including transmission via email) to the relevant contact person provided in Paragraph (5) of Article 5 above or by using methods notified by the Company at its website (www.gmarket.co.kr). The cancellation requests for each of the services shall take effect at the time set forth in Article 16, Article 20, and Article 26 hereof.

(2) If the payment has already become effective, then the User may receive a refund for his/her payment that may vary depending on the method of cancellation under applicable laws such as the Act on the Consumer Protection in Electronic Commerce Transactions (the “E-commerce Act”).
Article 9 (Prohibition on the Provision of EFT Data): Except as provided by laws and regulations such as the Act on Real Name Financial Transaction and Confidentiality, etc., or without the consent of the User himself/herself, the Company shall neither provide or disclose to any third party, nor use for any purpose other than its business purposes, any information or data regarding the personal matter or account of the User, the Means of Access, or the contents or records of and the EFT (each, acquired by it in connection with providing EFT Services).
Article 10 (Liability of the Company): (1) The Company shall compensate the User for any loss or damage he/she suffers as a result of any of the following events:
1. forgery or alteration of the Means of Access;
2. an accident caused in the course of electronically transmitting or processing of the execution of a contract or a Transaction Request; or
3. an accident caused by use of the Means of Access acquired by deception or other unlawful means by breaking in (i) the Electronic Device for EFT or (ii) the Information and Communication Network as defined in Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc.

(2) Notwithstanding Paragraph (1) above, the Company shall not be liable for any loss or damage incurred in any of the following cases:
1. If the User lends to a third party or delegates a third party to use the Means of Access, or assigns, or provides as security, to a third party the Means of Access;
2. If the User divulges or discloses a Means of Access or neglects or leaves the Means of Access unattended although the User knew or could have known that a third party may make an EFT by using the User’s Means of Access without authorization;
3. If an accident specified in Paragraph (1) 3 above occurs due to the User’s refusal of additional security measures other than verification under Article 6 (1) of the EFTA requested by the Company for security enhancement during an EFT without reasonable ground;
4. If an accident specified in Paragraph (1) 3 above occurs due to the User’s following acts with respect to the means, methods, or information used for the additional security measures in Subparagraph 3 above:
a. An act of divulging, disclosing such means, methods, or information, or neglecting the disclosure thereof;
b. An act of lending to a third party or delegating a third party to use such means, methods, or information, or an act of providing them as security to a third party.
5. If the User who is a corporation (excluding small enterprises as set forth in Article 2, Article 2 of the Framework Act on Small and Medium Enterprises) suffers the loss or damage but the Company has fulfilled its duty of due care as reasonably requested, such as establishment of, and thorough compliance with, security procedures in order to prevent an accident.

(3) Notwithstanding the User’s Transaction Request, the Company may temporarily interrupt the provision of the EFT Services for the maintenance, replacement or failure of the Company’s information & communications system (e.g., computers), disruption of telecommunications services or the like. In such case, it shall compensate the User for any loss or damage she/he suffers as a result of such temporary suspension.
Article 11 (Dispute Resolution and Mediation): (1) In respect to EFTs, Users may raise opinions or complaints, or request dispute resolution for damage claims, to the persons specified on the main pages of the Websites.

(2) Any User may file an application for dispute resolution in writing (including electronic documents) or by using an Electronic Device, to the Company’s headquarter or business office pursuant to Paragraph (1) above, and the Company shall notify the User of the results of its investigation or the resolution of the dispute within fifteen (15) days.

(3) The User may, if s/he has any objection regarding the results of the Company’s dispute resolution, apply for mediation with either the Financial Disputes Mediation Committee of the Financial Services Commission pursuant to the Act on the Establishment of the Financial Services Commission, or the Consumers Dispute Settlement Commission of the Korea Consumer Agency pursuant to the Framework Act on Consumers, in connection with a dispute related to using the EFT Services of the Company.
Article 12 (Company’s Duty of Security): The Company shall perform its fiduciary duty to ensure that the EFT is safely processed and, in furtherance of ensuring security and reliability for each type of EFT, the Company shall comply with the standards set forth by the Financial Services Commission in relation to the Electronic Financial Business and information technology, e.g., personnel, facilities, and the Electronic Devices, etc. used for electronic transmission or processing that may vary depending on the type of EFT.
Article 13 (Other Rules to Comply with): (1) Any matters (including definitions of terms) not set forth herein shall be governed by separate terms and conditions and applicable consumer protection laws such as the EFTA, the e-commerce Act and the Specialized Credit Financial Business Act.

(2) If there are any difference between the matters separately agreed between the Company and the Users and the terms and conditions contained herein, the former shall prevail over the TOU to the extent that they do not violate applicable laws.
Article 14 (Jurisdiction): Jurisdiction over any dispute between the Company and the User shall be determined by the Civil Procedure Act.

Chapter 2. e-Payment Gateway Services

Article 15 (Definitions): Capitalized terms used in this Chapter shall be defined as follows:

1. “e-Payment Gateway Services” means with respect to the electronic purchase of a product or service (hereinafter “products, etc.”), a service of transmitting or receiving payment information, or agency or intermediation service for the settlement of such consideration.

2. “User” shall mean a person who agrees to the TOU and uses the e-Payment Gateway Services provided by the Company.
Article 16 (Cancellation of Transaction Request): (1) A User who has used the e-Payment Gateway Services may withdraw his/her Transaction Request at any time before the amount subject to the Transaction Request is (i) recorded in the account ledger of either the Company or the financial institution where the Payee’s account is established, or (ii) entered in the Electronic Device.

(2) The Company must return the received payment to the User, if the User has successfully withdrawn the Transaction Request and thereby no transaction requiring the payment has been entered into.
Article 17 (Management of Means of Access): (1) In the course of providing the e-Payment Gateway Services, the Company shall select the Means of Access and check the User’s identity, authority and contents of the Transaction Request and the like.

(2) Except as particularly provided by laws and regulations, the User shall not commit any of the following actions in using the Means of Access:
1. Assign the Means of Access to a third party or be assigned the Means of Access by a third party;
2. Lend or grant use of the Means of Access from or to a third party or store, deliver, or distribute the Means of Access, while accepting, requesting, or offering a consideration in exchange therefor;
3. Lend or grant use of the Means of Access for the purpose of using it for a crime or while knowing that it will be used for a crime;
4. Grant a pledge or other security interest in the Means of Access to a third party; and
5. Broker any of the actions described in Subparagraphs 1 through 4.

(3) The User shall neither divulge or disclose his/her Means of Access to a third party, nor neglect or leave the Means of Access unattended, and shall use reasonable caution to prevent theft, forgery or falsification of the Means of Access.

(4) Upon receiving the User’s notice of theft, loss or the like of his/her Means of Access, the Company shall be liable for losses or damages suffered or sustained by the User arising from a third party's use of the Means of Access thereafter.

Chapter 3. Payment Escrow Services

Article 18 (Definitions): Capitalized terms used in this Chapter shall be defined as follows:

1. “Payment Escrow Services” shall mean a service where, in respect of a Prepaid Mail-order Sale made on the Websites, a consumer’s payment for a product or service (collectively the “Products etc.”) is kept by the Company in escrow until the shipment is completed, after which the payment is made to the Seller.

2. “Prepaid Mail-order Sale” shall mean a mail-order (online) sale where the Consumer makes full or partial payment prior to receiving the Products etc.

3. “Seller” shall mean a person who agrees to the TOU, opens a store on the Websites operated by the Company, and is engaged in mail-order(online) sale business.

4. “Consumer” shall mean a person who agrees to the TOU and purchases the Products etc. from the Seller (with a store on the Websites operated by the Company) and falls under the definition provided in Article 2 (5) of the e-commerce Act.

5. “User” shall mean the Seller and the Consumer.
Article 19 (Release of Payment in Escrow): (1) The Consumer (including persons to be receiving the Products, etc., if such Consumer consented thereto; the same applies to Paragraphs (2) and (3) below) must notify the Company of his or her receipt of the Products, etc. within three (3) business days therefrom.

(2) Upon receiving the Consumer’s notice of receipt of the Products etc., the Company shall release the payment to the Seller at a time no later than the date specified by the Company.

(3) The Company shall inform the Consumer that payment may be due to the mail-order vendor in the event the Consumer fails to notify the Company of his/her receipt of the Products, etc. within three (3) business days after the date when the Products, etc. are supplied to the Consumer.

(4) Notwithstanding Paragraph (3), if the Consumer fails to notify the Company of the receipt of the Products, etc. within three (3) business days after the date when the Products, etc., were supplied without showing good cause, the Company may make payment to the Seller without the consent of the Consumer.

(5) The Company must return the payment to the Consumer if circumstances arise where the Consumer becomes entitled to a refund of the payment before the Company releases the payment to the Seller.
Article 20 (Cancellation of Transaction Request): (1) A User who has used the Payment Escrow Services may withdraw his/her Transaction Request before the information on the amount of Transaction Request has been recorded in the ledger of the financial institution or the company where the recipient’s account is held or entered into the Electronic Device.

(2) The Company must return the received payment to the User if the User has successfully withdrawn the Transaction Request and thereby no transaction requiring the payment has been entered into.
Article 21 (Applicable Provisions): Article 17 of Chapter 2 hereof (e-Payment Gateway Service) shall apply mutatis mutandis to the Payment Escrow Service provided in this Chapter.

Chapter 4. Electronic Pre-payment Means

Article 22 (Definitions): (1) Capitalized terms used in this Chapter shall be defined as follows:

1. “Electronic Pre-payment Means” means a token or information about the token issued by storing transferable monetary value electronically, which can be used to purchase goods or services at a Chain Store affiliated with the Company, and which the Company has notified the User in advance as an Electronic Pre-payment Means at the time of issuance.
2. “User” means a person who agrees to the TOU, purchases the Products etc. from either online or in-store Chain Store, and uses Electronic Pre-payment Means to make a payment therefor.
3. “Means of Access” refers to the User Numbers and Passwords registered with the Company or any other means designated by the Company to ensure authenticity and accuracy of the User and the details of transactions or make a Transaction Request for an EFT using Electronic Pre-payment Means.
4. “Refund Base Amount” means the balance when the User finally acquires the Electronic Pre-payment Means converted from a gift certificate.

(2) Electronic Pre-payment Means may be replenished directly by the User, converted (exchanged) into an affiliated means as determined by the Company, or accumulated through purchase of Products, etc. by the Users or events. The maximum Electronic Pre-payment Means to be accumulated shall be KRW 2 million for named accounts and KRW 500,000 for anonymous accounts. In addition, it may be transferred to a third party in accordance with a method determined by the Company.

(3) Details of various Electronic Pre-payment Means issued by the Company can be found on the service page of the applicable Websites.
Article 23 (Managing Means of Access): (1) The Company shall not take responsibility for any loss caused by use or disposal of the value stored in the Electronic Payment Means against a User’s intention which has occurred prior to the Company’s receipt of such User’s notice of loss, theft, or the like of the Electronic Pre-payment Means or Means of Access, unless there is any reason attributable to the Company.

(2) Article 17 of Chapter 2 (e-Payment Gateway Services) hereof shall apply mutatis mutandis to the Electronic Pre-payment Means provided in this Chapter (Chapter 4. Electronic Pre-payment Means).
Article 24 (Refunds): (1) The User may cancel the replenishment or conversion of the Electronic Pre-payment Means within 7 days from the date of replenishment or conversion, and may receive a full refund of the replenished amount or a refund by the means affiliated before conversion.

(2) The User may request the Company to refund the Electronic Pre-payment Means held by the User, and the Company shall refund the entire balance after deducting the refund fee; provided that in the case of Electronic Pre-payment Means that have been converted (exchanged) into gift certificates such as gift cards issued by a third party, the Company shall pay the balance only if 60% or more (80% or more if less than KRW 10,000) of the Electronic Pre-payment Means has been used.

(3) Notwithstanding Paragraphs (1) and (2), in any of the following cases, the Company shall refund the entire balance recorded in the Electronic Pre-payment Means without deducting the refund fee:

1. if the Company or the Chain Store is unable to provide goods or services due to natural disasters or other reasons, making it impossible to use the Electronic Pre-payment Means;
2. if the Company or the Chain Store is unable to provide the goods or services due to a defect in the Electronic Pre-payment Means;
3. if the remaining balance after using 60% or more (80% or more if it is less than KRW 10,000) of the amount replenished or the Refund Base Amount is refunded; or
4. if the number of the Chain Stores where the Electronic Pre-payment Means can be used is reduced or the terms and conditions of use of the Electronic Pre-payment Means are changed to the disadvantage of the Users.

(4) Notwithstanding Paragraphs (1) to (3), the Electronic Pre-payment Means that are provided free of charge or converted through purchases of Products, etc., events, affiliation points, etc. are not eligible for refund; provided that if the Company makes a prior public announcement to the User or separately notifies the User that the Electronic Pre-payment Means can be refunded at the time of free provision or conversion, it may be included in the refund as stipulated in such public announcement or notification.

(5) The Company may operate a policy to restrict the refund of Electronic Pre-payment Means if it is found or reasonably suspected that the User has requested the refund of Electronic Pre-payment Means for illegal or fraudulent purposes for cash financing.

(6) The User may use the Electronic Pre-payment Means within the period and use method designated by the Company, and the Company shall notify the details thereof (including the criteria for charging refund fees) on the Websites.
Article 25 (Extinctive Prescription and Validity of Electronic Pre-payment Means): (1) The extinctive prescription for the Electronic Pre-payment Means issued by the Company is five years from the last replenishment, conversion or accumulation date, and the User may use the Electronic Pre-payment Means only within the extinctive prescription period.

(2) The validity term of the Electronic Pre-payment Means issued by the Company shall be the same as the extinctive prescription set forth in Paragraph (1), and the Company shall notify the User of the expiration of the validity term by email, text message, KakaoTalk notification, etc. at least three times, including a notice 30 days prior to the expiration of the validity term.

(3) Notwithstanding Paragraph (2), the Company may set a separate expiration date for the Electronic Pre-Payment Means that are provided free of charge to Users through specific product purchases, events, affiliate points, etc. In this case, the Company shall announce whether or not the validity term is set and for how long through the announcements on its Website, and notify the Users of the upcoming expiry at least once before the expiration date by email, text message, KakaoTalk notification, etc.
Article 26 (Cancellation of Transaction Request): (1) The User may cancel his/her Transaction Request at any time prior to the Payee’s receipt of data on the monetary amount of the requested transaction, if the User utilizes the Electronic Pre-Payment Means.

(2) The Company shall return any received payments if the User has successfully withdrawn the Transaction Request and thereby no transaction requiring the payment has been entered into.
Article 27 (Retraction and Negative Balance of Electronic Pre-Payment Means): (1) In the event of cancellation of purchase by Electronic Pre-Payment Means, any Electronic Pre-Payment Means accumulated from such purchase by the User may be retracted by the Company.

(2) In the event the Company, due to certain circumstances (such as purchase cancellation by the User), wishes to retract the Electronic Pre-Payment Means already given to the User, the Company may establish a negative balance of the Electronic Pre-Payment Means below zero if the User’s account balance is less than the amount of Electronic Pre-Payment Means to be retracted, in which case the User may recover such Electronic Pre-Payment Means through additional purchases, by making a cash payment to replenish his/her account, or other methods recognized by the Company or through the guidance on the Company’s Website (www.gmarket.co.kr), etc.
Article 28 (Management of Pre-paid e-Money and Related Disclosure): (1) The Company shall set aside the pre-paid e-money of the Users (“Pre-paid e-Money”) from its own property and leave it in trust operated by an external financial institution or subscribe for a payment guarantee insurance policy.

(2) On every business day, the Company shall check whether the total amount of Pre-paid e-Money and money in trust, etc. accords with the total amount of assets actually managed, and at the end of each quarter (within ten (10) days from the end of the quarter), the Company shall disclose the amount of the Pre-paid e-Money and details of trust, whether the Company has subscribed for a payment guarantee insurance policy, and the sum insured, etc., on the Websites (i.e., www.gmarket.co.kr, www.auction.co.kr).

(3) The Company shall first pay the Pre-paid e-Money to the Users through a trust company or an insurance company in any of the following case; provided that, in such a case, it shall publish on two or more daily newspapers the matters related to the Pre-paid e-Money such as the payment decision and the time and place of payment, etc. within one (1) month from such decision and post the same on the Internet Websites, etc.:
1. If the Company’s registration is cancelled or expires;
2. If the Company is dissolved or if the issue and management of Pre-paid e-Money is abolished;
3. If the Company is declared bankrupt;
4. If the Company receives an order to suspend the issue and management of Pre-paid e-Money; or
5. In any events equivalent to Subparagraphs 1 through 4 above.
Article 29 (Trust or Payment Guarantee Insurance of Pre-paid e-Money): (1) The Company shall leave all of the User’s Pre-paid e-Money in trust and shall instruct the trustee to manage them as safe assets; provided that up to an amount equal to one-tenth of the total Pre-paid e-Money (excluding the amount insured by the Payment Guarantee Insurance pursuant to Paragraph (4) below) as of the end of the previous month (hereinafter referred to as the “Payment Reserve”) may be deposited with the trust company in the form of safe assets such as ordinary deposits that can be withdrawn at any time.

(2) The Company shall designate the User as the beneficiary of the trusted Pre-paid e-Money (excluding the Payment Reserve); provide that if it is difficult to designate an individual User as a beneficiary, a special purpose entity that has no interest in the Company may be designated as a beneficiary.

(3) The Company shall promptly keep the details of the changes of users and funds on the same day in trust until the next day.

(4) Notwithstanding Paragraph (1), if due to unavoidable reasons, the Company directly manages some of the Pre-paid e-Money (excluding the Payment Reserve) without trusting them, the Company shall obtain payment guarantee insurance policy for the entire amount to be managed, and even in this case, the Company shall manage the Pre-paid e-Money as a safe asset.

Addenda: Article 1 (Effective Date) The TOU shall take effect on September 1, 2024