[Alpha Biz= Paul Lee] Kakao announced on Thursday that it has suspended the sale of online cultural gift vouchers issued by Culture Gift Voucher Co., Ltd. as part of its gift-giving service.
Kakao stated, "We requested the voucher supplier to suspend sales." Other partners of Culture Gift Voucher, including Naver Pay and NHN Payco, have also temporarily suspended sales.
Government agencies such as the Financial Services Commission (FSC), the Financial Supervisory Service (FSS), and the Fair Trade Commission (FTC) have raised concerns that consumer harm could occur when using the gift vouchers issued by this company, prompting action from Kakao.
On the 20th, the financial authorities pointed out that the online cultural gift vouchers issued by Culture Gift Voucher Co., Ltd. fall under the revised Electronic Financial Transactions Act as prepaid electronic payment instruments and should be registered as a prepaid business. However, despite this requirement, it seems that the company continued operating its online cultural gift voucher business without registration after the 18th. As a result, authorities have requested confirmation from the investigative agencies.
The financial authorities also warned, "Culture Gift Voucher Co., Ltd. is an unregistered prepaid business, and as such, user protection under the Electronic Financial Transactions Act, such as the mandatory separate management of prepaid funds, does not apply. Consumers need to be cautious when purchasing or using these vouchers." They also added, "If the company faces bankruptcy, business suspension, or a reduction in affiliated stores, it may be difficult to refund the vouchers."
Earlier, on the 12th of this month, Culture Gift Voucher Co., Ltd. filed an administrative lawsuit against the financial authorities, seeking confirmation that it was not required to register.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
