Search results for Coupang Pay
Finance
E-payment fees edge down, but price-cutting rivalry still limited
Payment fees charged by electronic financial service providers in South Korea fell slightly, but competition among operators to cut rates remains limited, a disclosure showed. The average payment fee rate for 18 providers from September to February was 1.98 percent for cards and 1.74 percent for prepaid. Differences were clearer for small merchants, with Kakao Pay applying the lowest card fee rate among three major simple payment firms.
Games & Commerce
FSS extends inspection of Coupang financial units, probes data leaks and high interest rates
South Korea\'s Financial Supervisory Service will extend its inspection of Coupang\'s financial units, Coupang Pay and Coupang Financial, through Jan. 30. The probe focuses on the legality of personal data management and whether loan interest rates for merchant partners are appropriate. Regulators are scrutinising the One ID system, which automatically creates a Coupang Pay account when users join Coupang. They are also examining a merchant loan product that has faced criticism over high rates.
Finance
FSS launches inspection into Coupang Financial high-interest loans
South Korea’s Financial Supervisory Service will begin an inspection into Coupang affiliate Coupang Financial over high-interest loans. The regulator sent an advance notice on Jan. 8 that it would start the inspection next week, about a month after launching an on-site check. The watchdog is reported to have identified signs of potential violations of the Financial Consumer Protection Act. It is also conducting an on-site check of Coupang Pay over a personal data leak.