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Finance

Naver Pay, Kakao Pay, Toss to notify 1.76 million users of unused prepaid balances

Naver Pay, Kakao Pay and Toss will strengthen notifications for prepaid top-up balances left unused for long periods and provide easier refund procedures. The three platforms hold a combined 25.5 billion won in long-term unused prepaid balances, involving 1.76 million users including overlaps. Notification targets, thresholds, validity periods and channels differ: Kakao Pay starts from 1 won after 1 year, while Naver Pay and Toss use 1,000 won after 2 years.

Finance

Toss online investment-linked financing push faces scrutiny over conflict of interest

Concerns mounted at a parliamentary audit over fintech platform Toss\' plan to enter online investment-linked finance, with lawmakers warning of potential conflicts of interest and market distortion. They said a large financial platform could affect a market developed by smaller fintech firms, especially if Toss supplies loan products while running a loan comparison platform. Lawmakers urged regulators to review rules and governance issues. The Financial Services Commission chairman said he would revisit the concerns.