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South Korea to introduce law to help reverse erroneously made mobile payments

Wednesday 17 February 2021 15:25 CET | News

South Korea is set to introduce a law aimed at helping to reverse and refund wrongful fund transfers that have been erroneously made via mobile payment services.

According to regulationasia.com, starting 6 July 2021, the amended Depositor Protection Act will authorise the Korea Deposit Insurance Corporation (KDIC) to legally assist with the possible reversal of fund transfers mistakenly remitted into accounts of financial institutions and mobile payment services.

For a transaction to be considered for reversal and possible refund, the affected party would be required to provide the KDIC with the recipient’s identifiers such as name and ID number. However, erroneous transfers made via a mobile phone number or social media without traceable identifiers will have limited assistance.


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Keywords: South Korea, mobile payments, fund transfer
Categories: Payments & Commerce | Mobile Payments
Countries: Korea, Republic of
This article is part of category

Payments & Commerce