TMON and WeMakePrice, Credit Card Transactions Halted Due to Delayed Settlement Payments

 

 

 

Recently, TMON and WeMakePrice experienced delays in settlement payments, leading to a halt in credit card transactions on these e-commerce platforms and the suspension of pre-settlement loans by banks.

According to industry sources on the 24th, payment gateway (PG) companies temporarily suspended transactions with TMON and WeMakePrice. Consequently, it has become impossible to make or cancel credit card payments on these platforms.

A PG company representative explained, "We took proactive measures to prevent further damage," and added, "Customers who paid by credit card must contact TMON directly for refunds."

As a result, major banks such as KB Kookmin Bank and SC First Bank have temporarily suspended pre-settlement loans for TMON and WeMakePrice.

Pre-settlement loans allow sellers on e-commerce platforms to receive their sales proceeds in advance from the bank, which then collects the settlement funds on the settlement date. Due to the uncertainty in loan repayment caused by settlement payment delays, banks have taken this decision to protect their assets and prevent customer damage.

A KB Kookmin Bank representative stated, "This measure is to prevent further damage from the settlement payment delays and is limited to the affected markets," and assured, "Pre-settlement loans for other markets can still be used as usual."

An SC First Bank representative also mentioned, "The suspension is temporary for customer protection," and clarified, "Loans can still be processed for other shopping malls."

Meanwhile, financial authorities have also started monitoring the situation.

A Financial Supervisory Service (FSS) representative stated, "TMON and WeMakePrice are telecommunications sales intermediaries and electronic financial operators under the E-Commerce Act. We are monitoring the situation and reviewing related response measures."

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TMON and WeMakePrice, Credit Card Transactions Halted Due to Delayed Settlement Payments