Korea Information and Communication Network has also begun accepting applications for TimePrice payment cancellation and refund processing.

Source: Korea Information Service

(Edaily reporter Choi Jung-hee) On the 30th, Korea Information and Communication Corporation (KICC) also began to accept cancellations and refunds of card payments related to Timon and WeMakePrice. Accordingly, all 11 simple payment and electronic payment institutions (PG) related to Timon and WeMakePrice have started the refund process related to Timon and WeMakePrice.

“We will promptly process the cancellation of credit card payments for consumers who have suffered losses due to the failure to deliver products or perform services (related to Timon and WeMakePrice) through the minimum necessary procedures,” the Korean information and communications company announced in a notice late this afternoon.

Additionally, “cancellation requests received under the credit card payment dispute request form are subject to verification that the product was delivered or the service was fulfilled, and that a cash refund has been processed by Timon or WeMakePrice, just as a dispute filed with a credit card company will process the card payment cancellation,” he explained. However, he added, “the verification process may take some time.”

“We are actively working to protect consumers who have been inconvenienced by the recent Timon and WeMakePrice incidents and recover from the losses,” the Korea Information and Communications Corporation said.

Since last week, there have been massive refunds for products and services purchased from Timon and WeMakePrice due to Timon and WeMakePrice misappropriating sales revenue. Even if consumers want to cancel credit card payments, the refund process is not being carried out.

In order to refund, Timon and WeMakePrice paid the refund amount to PG Company, and PG Company paid the refund to consumers through credit card companies. However, as the financial situation worsened, Timon and WeMakePrice applied for a refund. The company recovered the day before and the refund amount had been paid to PG Company because I couldn’t do it. However, since all 11 simple payment and PG companies canceled card payments and provided advance refunds, PG companies are bearing the burden of losses.