From April, users of Naver Pay, a simple payment service, can also make foreign transactions like credit cards. The maximum limit for foreign transactions is 300,000 won.
Financial Services Commission allows small deferred payments
Limits vary according to personal credit rating
– Although the credit card limit is smaller than the general credit card, the financial authorities expected it to be helpful to students and housewives who are difficult to obtain a card due to insufficient credit information.
The Financial Services Commission announced at a regular meeting on the 18th that Naver Financial’s small deferred payment was designated as an innovative financial service. Currently, when Naver Pay users shop, they can only pay for the points they have previously charged or the balance of the bank-linked account. For example, if you buy a product worth 500,000 won, the balance of the recharge point or linked account must be 500,000 won or more. However, starting in April, you can pay up to 300,000 won later and pay only 200,000 won first. However, for post-payment, only the difference between the recharge balance and the payment amount (shortage of payment) is possible.
Not all Naver Pay users are equally subject to the 300,000 won deferred payment limit. Naver Financial uses the Alternative Credit Rating System (ACSS), which combines personal financial information and shopping information, to calculate the deferred payment limit for each consumer.
Currently, the National Assembly has a bill (amendment to the Electronic Financial Transactions Act) that allows simple payment providers to make deferred payments. Since it takes time for the National Assembly to rectify the law, the Financial Services Commission’s position is to allow deferred payments to companies with requirements such as consumer protection through a’regulatory sandbox’ (deferred regulation) even before that.
An official from the Financial Services Commission said, “We will provide convenient payment services to consumers and provide small credit opportunities to financially underprivileged groups such as young people and housewives who have difficulty using credit cards.”
Reporter Ahn Hyo-seong [email protected]
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