General Terms and Conditions for Electronic Financial Transactions (for users)

Article 1 (Objective)

The objective of these Terms and Conditions is to provide stability and reliability in electronic financial transactions by covering general matters on electronic financial transactions between Toss Payment (hereinafter “the Company”), which provides electronic payment agency services and escrow services, and its users.

Article 2 (Definition of Terms)

The definitions of the terms prescribed in these Terms and Conditions are as follows.

  1. “Electronic financial transaction” refers to electronic payment agency services and escrow services (hereinafter referred to as "electronic financial transaction services") provided by the Company through electronic devices, which are transacted in a computerized method without requiring in-person communication between the Company and users.
  2. “Electronic payment agency service” refers to the transmission of or receiving payment information when purchasing goods or using services through an electronic means, a settlement agency, or intermediary service pursuant to payment for such goods and services.
  3. “Escrow service” refers to full or partial payments (hereinafter referred to as "payment cost") made by a user for goods or services that are held until the point where the Company confirms the service usage or product receipt by a user.
  4. “User” refers to a party agreeing to these Terms and Conditions and using the electronic payment services provided by the Company.
  5. “Means of access” refers to methods and information used to provide authenticity and accuracy of transaction details of users or to make transaction requests when conducting electronic financial transactions, which indicate those designated in Article 2, Section 10 of the Electronic Financial Transactions Act, such as electronic cards or equivalent electronic information (including credit card numbers), authentication certificates under the “Digital Signature Act,” user numbers registered with financial institutions or electronic financial business operators, biological information of users, or passwords necessary to use the above methods or information.
  6. “A transaction request” is made when a user instructs the processing of electronic financial transactions to a financial institution or an electronic financial business operator pursuant to an electronic financial transaction agreement.
  7. “An error” occurs when an electronic financial transaction has not been implemented pursuant to the electronic financial transaction agreement or a transaction request by a user, without the intentional act or negligence of the user.

Article 3 (Specification and Modification of Terms and Conditions)

  1. The Company shall post these Terms and Conditions and allow users to confirm the essential contents of these Terms and Conditions before users use the electronic payment agency service.
  2. The Company shall issue a copy of these Terms and Conditions to users using an electronic document transmission method or a written method when there is a request by a user to do so.
  3. When these Terms and Conditions are modified, the Company shall notify the modified Terms and Conditions to users by posting on the website of the Company or on the payment input screen at least one (1) month before the effective date thereof.
  4. A user may terminate an electronic financial transaction agreement during the period from when the modification of the Terms and Conditions of Paragraph 3 is posted or notified to the business day immediately before the effective date thereof. If a user does not object to the modification of the Terms and Conditions within the period in the preceding sentence, the user shall be deemed to have approved such modification.

Article 4 (Types of Electronic Payment Agency Services)

The electronic payment agency services provided by the Company shall be classified as follows according to the payment method.

  1. Credit card payment agency service: This refers to the agency or intermediary service for payment settlements or transmission and receipt of credit card payment information through an electronic payment system by the Company in the event that a user uses a credit card as the payment method.
  2. Account transfer agency service: This service refers to a real-time wire transfer service allowing a user to transfer the payment cost from the user's account registered with a financial institute to another account through an electronic payment system of the Company.
  3. Virtual account service: This service refers to a service where payment is processed through issuing the user’s own one-time account through the electronic payment system of the Company when users desire to pay the payment cost in cash.
  4. Other services: The Company also offers a “cell phone payment agency service,” “KT phone (ARS, phone bill) payment agency service,” and “gift certificate payment agency service.”

Article 5 (Details of Escrow Service)

  1. Users (including those receiving goods or services when there is consent by the user; the same definition shall apply in this Article) shall notify the Company of the fact of receiving goods or services within three (3) business days of receipt.
  2. The Company shall pay the payment cost to the telecommunications vendor within the designated deadline between the Company and telecommunications vendor after being notified by the user of the receipt of goods or services.
  3. If the user does not notify the fact of receiving goods or services to the Company after three (3) business days have passed from the receipt of goods or services without a reasonable cause, the Company may provide the payment cost to the telecommunications vendor without the consent of the user.
  4. If there is a reason for providing a refund of the payment cost to the user, the Company shall return the payment cost to the user before providing the payment cost to the telecommunications vendor.
  5. In addition to these Terms and Conditions, the Company may enact separate terms and conditions for the escrow service with users for the purpose of designating the detailed rights and obligations relating to the use of the escrow service.

Article 6 (Selection and Management of Means of Access, etc.)

  1. The Company may select a means of access when providing the electronic payment agency service and verify the identity of users, rights, and transaction requests.
  2. For assignment or providing security collateral purposes, users may not lend, delegate, or transfer their means of access to a third party.
  3. Users shall not disclose or expose his or her means of access to a third party, or neglect it, and shall take sufficient caution to prevent theft, falsification, or forgery of their means of access.
  4. The Company has the responsibility to compensate for damages incurred to users by the use of their means of access by a third party from the moment the Company is notified by the user of the loss or theft of their means of access.

Article 7 (Liabilities of the Company)

  1. The Company is liable for any losses caused to a user due to an accident by forgery or alteration of the means of access. However, a user may be required to bear entire or partial liability if the user leased the means of access to a third party or entrusted its use to a third party, assigned it to a third party, or provided it as security collateral; if a user, without justifiable cause, refused additional security measures required by the Company to enhance security during electronic financial transactions, and an accident subsequently occurred from a breach of the information communication network, or from the use of means of access fraudulently obtained or obtained by other illicit methods; or if a user knew, or could have known, that a third party could access the user’s means of access without authorization and engage in an electronic financial transaction, but the user disclosed or exposed his means of access, or left it in a neglected state.
  2. The Company is liable for compensation for losses to a user from an accident that occurred during the execution of the agreement with the Company or an accident that occurred during electronic transmission or processing. A user may be required to bear partial or entire liability if a loss occurred to a user who falls under Paragraph 1 of this Article, or if a user is a corporation (not including small enterprise under Article 2 Paragraph 2 of the Framework Act on Small and Medium Enterprises), and if the Company exercised sufficient duty of care reasonably required by establishing security procedures to prevent accidents and fully complying with them.
  3. The Company is liable for damages to a user who suffered an accident if an electronic device for electronic financial transactions or the information communication network of Article 2, Paragraph 1, Subparagraph 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. was breached, and a means of access obtained fraudulently or by other illicit methods was used.

Article 8 (Confirmation of Transaction Details)

  1. The Company shall allow users to confirm their transaction details (including the “required details of error correction and processing results” of users) through an electronic method agreed in advance with the users, and shall issue a document on the transaction details by fax or electronic or written form within two (2) weeks from the date of receiving a request from users. If it is not possible to check the transaction details due to the operation failure of electronic devices or other reasons, the Company shall immediately notify the reason using the internet, etc. and allow the user to check the transaction details as soon as the reason for the failure is resolved.
  2. Among the transactions provided by the Company to users, the name and number of the transaction account, transaction type and amount, information indicating the transacting party, transaction date, type of electronic device, and information allowing to identify electronic devices and the access records of the electronic device relating to the pertaining electronic financial transaction shall be preserved for five (5) years; and records on nominal sum electronic financial transactions on or under KRW 10,000 per transaction, records on approval of transactions when using electronic payment methods, or issues where users require error corrections and processing results shall be preserved for one (1) year. However, fees that the Company received for providing electronic payment agency services regarding merchants shall be excluded from the transaction details to be provided.
  3. Users may submit a written request as designated in Paragraph 1 of this Article to the following address or call the phone number below.
  4. Address: Toss Payments, 15th Floor, KIPS Building, 131, Teheran-ro, Gangnam-gu, Seoul
  5. Email address: support@tosspayments.com
  6. Phone number: 1544-7772

Article 9 (Correction of Errors, Etc.)

  1. If the user discovers an error when using the electronic payment agency service, the user may request the Company to correct it.
  2. When the Company receives a request to correct an error pursuant to the regulations in the previous Paragraph, the Company shall immediately investigate and resolve the issue, and notify users about the results within two (2) weeks from receiving the initial request for correction.
  3. Users may submit requests for correction based on this provision to the following address and phone number.
  4. Address: Toss Payments, 15th Floor, KIPS Building, 131, Teheran-ro, Gangnam-gu, Seoul
  5. Email address: support@tosspayments.com
  6. Phone number: 1544-7772
  7. When the Company directly discovers that there is an error in an electronic financial transaction, it will immediately initiate an investigation, and inform the user of the cause of the error and the investigation results within two weeks of the discovery of the error.

Article 10 (Creation and Retention of Records for Usage of Electronic Payment Agency Service)

  1. The Company creates and retains records to confirm or correct matters in the event that users fail to effectively search or view the contents of the electronic payment agency service or in the event of an error that has occurred in the content itself.
  2. The types of records that must be retained by the Company and retention methods pursuant to the preceding Paragraph shall be made in compliance with the matters designated in Article 8, Paragraph 2.

Article 11 (Restrictions on Cancelling Transaction Requests)

  1. In the event that users have engaged in electronic payment transactions, the effectiveness of the payment shall be determined pursuant to the regulations of each section of Article 13 of the Electronic Financial Transactions Act.
  2. Users may cancel a transaction request before the payment becomes effective pursuant to the regulations of each section of Article 13 of the Electronic Financial Transactions Act. However, cancellation of the transaction request may be restricted based on the regulations of financial institutions or telecommunication companies.
  3. The cancellation methods and restrictions on cancellation requests per electronic payment method are as follows.

① Credit card payments, account transfer payments, or virtual account payments: Cancellation is possible but limited to cases involving the cancellation of transactions to use services or purchase goods pursuant to matters designated by related laws, such as laws relating to consumer protection and electronic commerce.

② Cell phone payments or KT phone (ARS, phone bill) payments: Among the requests for cancellation pursuant to the methods in preceding Section, cancellation is possible but limited to cases involving transactions that occur until the end date of the relevant month of the payment date based on the regulations of telecommunications companies.

③ Gift certificate payments: Among the requests for cancellation pursuant to the methods in preceding Section, cancellation is possible within ten (10) days from the payment date, but is limited to cases where users were not able to use the regular service due to system errors.

Article 12 (Consent to Withdraw Deposits by Transfer and Revocation of Consent)

  1. Upon a user's request, the Company shall allow a financial company, etc., where the user’s account is opened, to withdraw deposits in accordance with the Electronic Financial Transactions Act and other relevant laws, as consented by the user.
  2. The Company shall submit the user’s consent in the above Paragraph to the financial company, etc., which withdraws the deposit.
  3. A user may request the Company or the financial company, etc., to revoke consent to the deposit withdrawal in Paragraph 1 above before the recording of the deposit withdrawal is completed in the ledger of the user’s account.
  4. Notwithstanding the preceding Paragraph, for large-volume transactions, a transaction with a previous reservation, etc., the Company or the financial company, etc., may set a different time for the revocation of consent, pursuant to an advance agreement with the user.
  5. A user may file an objection to the person in charge as stated in Article 14, Paragraph 1, regarding a deposit withdrawal made after the user requested revocation of consent in accordance with Paragraph 3 above. This provision does not apply to withdrawals made prior to the request for revocation of consent.

Article 13 (Prohibition on Providing Electronic Financial Transaction Information)

The Company shall not disclose or expose to a third party the information or data about personal matters, such as user accounts, means of access, or contents and performance of electronic financial transactions obtained while providing electronic payment agency services and escrow services, or use such information or data for a purpose other than for business, without the consent of users. However, this provision shall not apply in the event that the Company complies with the regulations of Article 4, Paragraph 1 of the Act on Real Name Financial Transactions and Guarantee of Secrecy or regulations designated otherwise by other laws.

Article 14 (Dispute Settlement and Resolution)

  1. Users may demand to resolve disputes, give opinions, make complaints, or make claims for damage compensation, in relation to the use of electronic payment agency services and escrow services to the manager or person in charge of dispute settlement as follows.
  2. Person in charge: Risk Management Team of Toss Payments
  3. Contact information: Phone 1544-7772, Fax 02-6919-2354
  4. Email: rm@tosspayments.com
  5. In the event that a user requests the Company for dispute settlement, the Company shall update the user regarding the results of investigation or dispute status within fifteen (15) days.
  6. Users may apply for dispute resolution through the Financial Dispute Resolution Committee of the Financial Supervisory Service under Article 51 of the "Act on the Establishment of the Financial Services Commission" or the consumer agency under Article 35(1) of the "Basic Consumer Act" in relation to the use of the Company's electronic payment agency service and escrow services.

Article 15 (Company's Obligation to Ensure Stability)

The Company shall comply with the standards designated by the Financial Supervisory Commission regarding the electronic financial business and information technology sector, including the personnel, facilities, and electronic devices for electronic transmissions or processing, for each type of electronic financial transaction, to ensure the safety and reliability of electronic financial transactions.

Article 16 (Hours of Operation)

  1. The Company shall operate the electronic financial transaction services 24 hours a day and 365 days a year for the convenience of users. However, this may be revised pursuant to the situation of the financial institution or other payment method issuing entities.
  2. In the event that suspension of service is inevitable due to repair, inspection, or other technical needs of information communications facilities, or due to other special circumstances of the financial institution or other payment method issuing entities, the Company may temporarily suspend the service after making notification of the suspension of service through any possible electronic method that allows the Company to post notices three (3) days before the suspension. However, in case of unavoidable circumstances such as system failure maintenance, urgent program maintenance, or external factors, the service may be suspended without prior notice.

Article 17 (Other Regulations and Jurisdiction)

  1. Matters not specified in these Terms and Conditions shall be determined in compliance with laws relating to consumer protection such as the Electronic Financial Transactions Act, the Act on Protection Consumers in Electronic Transactions, etc., laws on sales using telecommunication methods, and the Specialized Credit Finance Business Act.
  2. Disputes arising between the Company and users shall be subject to the jurisdiction prescribed under the Civil Procedure Act.