Naver Pay, Kakao Pay, and Toss will regularly inform users about unused prepaid balances.
According to financial authorities on October 15, as of the end of August, 1.76 million users are subject to notifications regarding long-term unused prepaid balances, including duplicates. The total balance amounts to 25.5 billion won.
The three companies will begin notifying users about their long-term unused prepaid balances regularly starting this month. They will also improve procedures to allow users to easily redeem their balances if they wish.
The criteria for long-term unused balances vary by company. Naver Financial and Viva Republica consider balances that have not been charged or used for more than two years. Kakao Pay classifies balances that have not been used for over a year. Users will be informed at least once a year about their balance status and expiration dates.
Previously, there was no obligation to notify users about prepaid balances with an expiration period of over ten years. As a result, some users may have forgotten about their balances and failed to use them.
Financial authorities believe this measure will promote user notifications and refunds for long-term unused balances. They plan to encourage the introduction of similar voluntary systems across the electronic financial industry based on the results from the three companies.
A financial authority official stated, "We expect this will protect the rights of users who have forgotten about their long-term prepaid balances and that a consumer protection culture will spread throughout the electronic financial industry."
* This article has been translated by AI.
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