Search results for prepaid electronic payment instruments
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.
Finance
KakaoPay automatically extends KakaoPay Money expiry by 10 years
KakaoPay will automatically extend the validity period of KakaoPay Money by an additional 10 years for users reaching their first expiry date, it said on Tuesday. KakaoPay Money is a prepaid electronic payment instrument launched in April 2016. While the law applies a five-year commercial statute of limitations to such instruments, KakaoPay has operated a 10-year validity period based on the last top-up or use date.
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.
