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Search results for Electronic Financial Transactions Act

Finance

PG industry polarisation deepens as revenue grows and profitability stagnates

South Korea\'s payment gateway (PG) market is growing quickly, but profitability is not improving, deepening polarisation within the industry. The number of registered PG firms rose to 190 at end-2024, while sector revenue climbed to 9 trillion won. Gross profit stayed around 2.1 trillion won. The Financial Supervisory Service highlighted difficulties for smaller firms, as tighter rules after the T-Mep settlement issue and higher capital requirements add to pressures.

Finance

NHN KCP builds payment infrastructure for CJ Olive Young\'s Olive Point

NHN KCP is building payment infrastructure for CJ Olive Young’s in-house membership points programme, Olive Point, as it seeks to expand the prepaid payment market. The company said on May 18 it will supply CJ Olive Young with a payment solution based on prepaid electronic payment instruments. NHN KCP will link customers’ accumulated points to its payment system for safe use like cash. The two companies also plan to expand cooperation in prepaid payment services.

Crypto

iM Financial says it successfully tests blockchain-based prepaid payment service

iM Financial Group said on April 20 it successfully completed what it called South Korea’s first proof-of-concept for a blockchain-based prepaid payment service with iM Bank and fintech lab startup Buchigo. It said the service was built within the framework for prepaid electronic payment instruments under the Electronic Financial Transactions Act, meeting real-name verification, anti-money laundering and user protection rules. The group said the trial confirmed commercial-grade stability and processing speed.