Govt. sets deadline for Qoo10 crisis consumer refunds


Some customers who have not yet received refunds from e-commerce platforms Tmon and WeMakePrice due to a liquidity crisis surrounding the companies will receive their money back by the end of this week, according to officials. Finance Minister and Deputy Prime Minister Choi Sang-mok announced that the refund process for customers who purchased products other than travel services or gift cards on the two imperiled e-commerce platforms would be completed by the end of the week. The government plans to assist the refund process for customers of general products through credit card issuers and electronic payment gateways. However, the deadline policy does not extend to refunds for consumers who purchased vacation packages and gift cards through the two online marketplaces owned by the Singapore-based Qoo10. The Credit Finance Association of Korea is currently reviewing whether it is the suppliers or the payment gateways that are responsible for paying the refunds for travel bookings and gift cards. Additionally, the government plans to cut back the amount of time allowed for e-commerce platforms to delay their payments to vendors and provide liquidity worth 500 billion won to the vendors on the two troubled e-commerce platforms. Financial authorities estimated the total overdue payments to amount to 278.3 billion won, as of Aug. 1, but officials said that the figure could grow.


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