Card payment details text will change to’Naver Pay → ○○ Mall, Naver Pay’

Input 2021.03.03 10:45

In the credit card payment details, the name of the company that actually sold the product or service is obligatory. Until now, only PG (Payment Gateway) information, which is a credit card payment agent, is often provided, causing consumers to experience considerable inconvenience.

For example, in the case of a payment with Naver Pay at the Internet shopping mall Naver Shopping, only Naver Pay was displayed in the credit card payment history. Now, the company that sold the product and Naver Pay are displayed together.

On the 3rd, the Financial Services Commission and the National Rights Commission announced plans to improve the system for displaying such payment details. In September, the Credit Finance Association, an interest group of credit card companies, revised the’Standard Terms and Conditions for Individual Credit Card Members’ and reflected this by credit card companies. The Financial Services Commission and the National Rights Commission said, “Except for some card companies, there are many cases where only the PG company information, not the actual purchasing company name, is displayed in the card payment details such as the bill of use, but there are many complaints from consumers. I will revise it.”

For example, if you ordered ○○ chicken through the delivery application, the People of Delivery, so far, only information from PG companies such as KG Inisys was displayed. The card payment information is sent to’○○ Chicken (sub-merchant) → People of Delivery (2nd PG company) → KG Inisys (1st PG company) → Credit card company’, which means that only the first PG company information was provided.

The Financial Services Commission and the National Rights Commission have revised the terms and conditions of credit card companies so that ○○ chicken and the people of delivery are all displayed in the payment details.

“This system improvement will contribute not only to the convenience of the people but also to lower the risk of financial fraud,” said Kim Jong-hoon, head of the Small and Medium Business Finance Committee of the Financial Services Commission.