Market-ICB (EN)

This English version is not the official version. To review the original terms and conditions, please refer to the official Korean version provided by ICB.

Terms and Conditions for Electronic Financial Transactions

Chapter 1: General Provisions

Article 1 (Purpose)

The purpose of these Terms and Conditions is to define the basic matters related to electronic financial transactions provided by ICB Co., Ltd. (hereinafter referred to as the “Company”), and to clearly establish the rights and obligations between the user and the Company in relation to the use of electronic financial transactions.

Article 2 (Definitions)

"Electronic Financial Transaction" refers to transactions where the Company provides electronic financial services through electronic devices, and the user directly utilizes these services in a non-face-to-face and automated manner.
"Electronic Device" refers to any device used to transmit or process electronic financial transaction information, such as computers or telephones.
"Access Medium" refers to the means or information used to issue transaction instructions or to secure the authenticity and accuracy of users and transaction details in electronic financial transactions, such as IDs and passwords registered with the Company’s server or other information provided by the Company.
"User" refers to a person who agrees to these Terms and uses the services provided by the Company.
"Payment Source" refers to the payment institution responsible for authorizing payment information for the service.
"Transaction Instruction" refers to the user’s instruction for processing individual electronic financial transactions under the electronic financial transaction contract with the Company.
"Error" refers to cases where the electronic financial transaction is not executed according to the Terms (including individual terms), the electronic financial transaction contract, or the user's transaction instructions, without any fault or negligence on the part of the user.
"Payment Escrow Service" refers to a service where the Company holds part or all of the payment made by a buyer for goods or services until the supply of the goods or services is confirmed.
"Electronic Payment Agency Service" refers to the service of electronically transmitting or receiving payment information for the purchase of goods or services, or mediating or settling such payments.
"Electronic Payment Method" refers to a payment method provided electronically as defined by the Electronic Financial Transaction Act.
"Prepaid Electronic Payment Method" refers to electronically stored, transferable monetary value issued in the form of certificates or information regarding such certificates, as defined by the Electronic Financial Transaction Act.
"Charging" refers to the act of purchasing prepaid electronic payment methods with a specified amount through payment methods registered by the user.

Article 3 (Display, Delivery, and Explanation of Terms)

The Company shall display the Terms and Conditions to users, and upon request, provide a copy via electronic transmission (including by email), fax, mail, or direct delivery.
If the user requests an explanation of the Terms, the Company shall explain the key contents of the Terms using one of the following methods:

Directly explaining the key contents to the user.
Displaying the key contents on an electronic device in a manner that the user can easily understand and receiving the user’s acknowledgment of understanding through the device.

Article 4 (Amendments to the Terms)

When the Company amends these Terms, it shall post the changes on the relevant electronic devices used for electronic financial transactions (or on easily accessible electronic devices if posting on the relevant device is difficult) and notify the user at least one month before the effective date. However, if the user raises an objection, the Company must confirm that the user has been properly notified of the changes.
Notwithstanding the above, if the Terms are urgently amended due to legal changes, the Company shall post the amended Terms on the electronic device for at least one month and notify the user.
When posting or notifying the user of the amended Terms, the Company shall also notify the user that they may terminate the contract before the effective date of the amended Terms. If the user does not raise an objection, it will be considered that they have accepted the changes.
Users may terminate the electronic financial transaction contract before the effective date of the amended Terms, and if they do not raise an objection, it will be considered that they have accepted the changes.

Article 5 (Conclusion and Termination of the Electronic Financial Transaction Contract)

Users who wish to use electronic financial transactions must first conclude a separate electronic financial transaction contract with the Company.
If the user has negotiated separate agreements regarding service fees or other matters, they must conclude an additional contract reflecting those terms.
If the application is made using another person’s name or false information, the service use contract will be canceled, and the applicant may be subject to legal penalties.
If the user wishes to terminate the electronic financial transaction contract, they must submit a termination request in writing or by other methods specified by the Company in accordance with the individual terms of the contract.
Either the user or the Company may terminate the contract after prior notice and explanation in the following cases:

One party violates or fails to fulfill its obligations under the contract.
Either party transfers their systems or rights and obligations under the contract to a third party without the other party's consent.
A creditor protection measure or enforcement action is initiated against either party’s key assets or amounts owed.
Either party incurs damages due to non-compliance or breach of obligations.
The user changes the registered service items to prohibited items after signing the contract.
Significant harm to the Company occurs due to poor transactions or inability to contact the user.
Other reasons arise that make it impossible to continue the contract.
Either party faces insolvency, bankruptcy, commencement of rehabilitation proceedings, liquidation, business suspension, or other reasons that make it difficult to continue operations.
The user arbitrarily modifies the services provided by the Company (including payment modules).
One party leaks the other party's information acquired during the contract period without prior consent, causing damage.

Termination of the contract does not affect either party's right to claim damages.

Article 6 (Composition and Contents of Electronic Financial Transaction Services)

Electronic financial transaction services consist of the following:

Electronic Payment Agency Services
Payment Escrow Services
Issuance and Management of Prepaid Electronic Payment Methods

If the Company intends to add or change electronic financial transaction services, it shall notify the user in advance and may proceed with such additions or changes.

Article 7 (Issuance and Management of Access Media)

The Company shall issue access media only upon request from the user and following the completion of a review process.
The user must take due care to prevent the unauthorized use of their access media and must not engage in the following activities unless otherwise stipulated by law:

Lending or delegating the use of the access media to a third party.
Transferring or providing the access media as collateral to a third party.
Disclosing, exposing, or neglecting the access media, allowing unauthorized third parties to use it for electronic financial transactions.

Article 8 (Service Hours)

The Company provides services 24 hours a day, 365 days a year in principle, but may adjust service hours depending on business needs.
In cases of scheduled maintenance, technical requirements, or issues with payment sources and financial institutions, the Company may temporarily suspend services after notifying users in advance. However, in urgent cases, such as system failures or emergencies, services may be suspended without prior notice.

Article 9 (Company's Responsibilities and Obligations)

The Company is responsible for compensating users for damages caused by the following accidents:

Accidents resulting from forgery or alteration of access media.
Accidents occurring during the electronic transmission or processing of contracts or transaction instructions.
Accidents caused by the use of access media obtained by intrusion into electronic devices or information networks under the Information and Communications Network Act.

Despite the above, the Company may hold the user partially or fully responsible for damages in the following cases:

When the accident occurred due to the user’s intent or gross negligence or if the user and the Company have pre-agreed to allocate partial or full responsibility to the user.
In the case of corporate users (excluding small enterprises under the Framework Act on Small and Medium Enterprises), the Company may hold the user responsible if it has established and adhered to security procedures and fulfilled all reasonable obligations to prevent accidents.

Intent or gross negligence on the part of the user includes the following:

The user lent or delegated the use of their access media to a third party, or transferred or provided it as collateral.
The user disclosed, exposed, or neglected the access media, allowing unauthorized third parties to use it, despite knowing or being easily able to know of the unauthorized use.
The user refused to take additional security measures required by the Company during electronic financial transactions, leading to an accident.
The user disclosed, exposed, or neglected media, means, or information used for additional security measures specified in the preceding paragraph, leading to an accident.

To fulfill its responsibilities under the first paragraph, the Company must take necessary measures, such as subscribing to insurance or preparing reserves according to standards set by the Financial Services Commission.
The Company shall not use, provide, or leak users' transaction information for any purpose other than service provision, except when legally required by investigation or tax authorities.
The Company is obligated to establish and maintain systems necessary for providing secure and reliable services.
The Company must comply with any additional responsibilities and obligations agreed upon in writing between the Company and the user.

Article 10 (Ownership Rights of the Company)

The intellectual property rights and other rights associated with the services provided by the Company, including the necessary software, images, marks, logos, designs, service names, information, and trademarks, belong to the Company.
Users are not allowed to modify, rent, lend, sell, distribute, create, transfer, sublicense, or establish collateral rights on all or part of the assets mentioned in Paragraph 1, or engage in any commercial use without explicit permission from the Company. Users may not permit third parties to engage in such activities.

Article 11 (Service Provision Restrictions)

The Company may restrict service usage for users based on factors such as credit status, sales patterns, objection filings, or the frequency of abnormal transactions.
The Company may suspend services if it finds that users meet any of the following conditions and fails to provide adequate justification for resolving the issue:

Engaging in the trade of prohibited or inappropriate items.
Repeated complaints filed against the user.
Withdrawal of the user's agreement to these Terms.
Other violations of the Terms.

If the cause of service suspension is resolved or if an agreement is reached between the Company and the user, the Company may resume service provision.
If the user disagrees with the Company’s actions, they may file an objection through the service website or customer center.

Article 12 (Processing Standards for Transaction Instructions)

The Company processes transaction instructions by comparing user identification numbers and access media information with those registered in its system and verifying the consistency before processing the transaction.

Article 13 (Withdrawal of Transaction Instructions)

The user may withdraw transaction instructions until the transaction is completed by using the same electronic device used for the transaction or through the procedures set by the Company.

Article 14 (Confirmation of Transaction Details)

The Company shall immediately provide users with access to view transaction details through the electronic device or computer used for the electronic financial transaction.
If it is difficult to provide the requested transaction details through the electronic device or computer, the Company shall provide the details in writing upon request by the user.
Users must verify whether the results of the transaction match the instructions provided.
If the user wishes to receive the transaction details in writing, they may request the details from the following contact:

Contact Person: ICB Global Payment Team
Address: 2nd Floor, 30 Seongji 1-gil, Mapo-gu, Seoul, Korea
Phone Number: 02-332-1880
Email Address: payment@icbnet.co.kr

Article 15 (Correction of Errors)

If the user discovers an error in the electronic financial transaction, they may request the Company to correct it.
Upon receiving a request for correction or upon discovering an error, the Company shall investigate the matter immediately and correct it. The Company shall notify the user of the cause and result of the correction within two weeks from the date of the request or discovery. However, if the user requests written notification, the Company shall provide the result in writing.

Article 16 (Handling of Accidents and Malfunctions)

If the user becomes aware of the theft, loss, forgery, or alteration of access media related to their transaction account, or if any confidential information has been leaked, they must immediately report the incident to the Company.

Contact Person: ICB Global Payment Team
Phone Number: 02-332-1880
Email Address: payment@icbnet.co.kr

The report becomes effective as soon as the Company receives it.
If the user wishes to withdraw the report, they must submit a written request directly to the Company.
If an electronic financial transaction cannot be processed due to communication failures or other reasons, the Company must notify the user of the issue.
Upon the user's request, the Company must promptly investigate the cause of the accident or malfunction and inform the user of the results.

Article 17 (Dispute Resolution and Arbitration)

Users may submit complaints, claims for damages, or other dispute resolution requests related to electronic financial transactions through the Company's dispute resolution officer or the following contact information:

Contact Person: ICB Global Payment Team
Phone Number: 02-332-1880
Email Address: payment@icbnet.co.kr

Users may file dispute resolution requests in writing (including electronic documents) or through electronic devices at the Company's headquarters or branches, and the Company shall investigate and respond to the user's request within 15 days.
If the user disagrees with the Company’s resolution, they may request dispute mediation through the Financial Supervisory Service’s Financial Dispute Mediation Committee or the Consumer Dispute Mediation Committee of the Korea Consumer Agency.

Article 18 (Preservation of Transaction Records)

The Company shall create and preserve records of electronic financial transactions to enable tracing, retrieval, and correction in case of errors.

Article 19 (Prohibition on the Provision of Electronic Financial Transaction Information)

Except as required by law, the Company shall not use, provide, or disclose users' important information or transaction details to third parties or for purposes unrelated to the business without the user’s consent.
The Company is responsible for damages caused by the theft or leakage of user information due to its negligence.

Article 20 (Liability for Damages)

Each party shall be liable to compensate the other party for damages arising from failure to fulfill their respective responsibilities and obligations under these Terms.

Article 21 (Supplementary Provisions)

If the Company and the user agree on any matters that differ from these Terms, such agreed matters shall take precedence over the provisions of these Terms.
Matters not specified in these Terms shall be governed by individual terms related to electronic financial transactions.
If matters (including the definition of terms) not specified in these Terms or individual terms are not subject to separate agreements, they shall be governed by the Electronic Financial Transaction Act, the Framework Act on Electronic Commerce, the Specialized Credit Finance Business Act, and other applicable laws.

Article 22 (Jurisdiction)

Any disputes arising between the Company and the user shall be governed by the jurisdiction specified in the Civil Procedure Act.

Chapter 2: Electronic Payment Agency Services

Article 23 (Provision of Services)

The Company’s electronic payment agency services are categorized as follows depending on the payment method:

Credit Card Payment Agency Service: This service involves the transmission and receipt of payment information via the electronic payment system when the user uses a credit card to pay, and the Company mediates or settles the payment.
Account Transfer Payment Agency Service: This service allows users to transfer funds from their registered accounts with financial institutions to the designated account in real-time using the Company’s electronic payment system.
Virtual Account Payment Agency Service: This service issues a unique, one-time virtual account through the Company’s electronic payment system for users who wish to pay by cash.
Simplified Payment Agency Service: This service allows users to pay for goods or services using a credit card or account transfer with pre-registered information, eliminating the need to re-enter payment information. Users must complete identity verification required by the payment source to use the simplified payment service.
Other Services: The Company may provide other services such as 'Mobile Phone Payment Agency Service' or 'Trade Settlement Agency Service.'

Article 24 (Limit on Usage Amount)

The Company may limit the cumulative monthly payment amount, transaction amount, and settlement amount per payment method based on the Company’s policy and the standards of relevant institutions (e.g., payment sources, financial institutions).

Chapter 3: Payment Escrow Services

Article 25 (Escrow of Payment)

Users may use the Company’s payment escrow services within the sites where such services are provided.
Users must use the payment methods allowed by the Company to complete payment transactions using the payment escrow service.

Article 26 (Payment and Settlement of Funds)

Users must notify the Company of the receipt of goods or services within 7 business days from the date of receipt.
Upon receiving notice of receipt from the user, the Company shall pay the settlement amount to the online seller within the period designated by the Company.
If the user does not notify the Company of receipt within 7 business days without a valid reason, the Company may pay the settlement amount to the online seller without the user’s consent.
If a user has a legitimate reason for a refund before the payment to the online seller, the Company shall ensure that the online seller complies with applicable laws on consumer protection.
If a refund is necessary due to the user’s return of goods or services not being confirmed, the Company shall return the balance to the user after deducting any applicable fees according to the site’s policy.
After payment is made to the online seller, the Company has no obligation to refund the settlement amount to the user, and any legal disputes between the user and the seller, including returns, cancellations, or refunds, must be resolved directly between them.

Chapter 4: Issuance and Management of Prepaid Electronic Payment Methods

Article 27 (Issuance and Management)

The Company holds the authority to issue and manage prepaid electronic payment methods.

Article 28 (Charging Prepaid Electronic Payment Methods)

Users may purchase prepaid electronic payment methods through various payment means, such as account transfers, mobile payments, credit cards, bank deposits, or other payment methods designated by the Company, or may recharge prepaid electronic payment methods through rewards earned from services or activities provided by the Company or its affiliates.
The purchase of prepaid electronic payment methods through the payment methods designated by the Company is subject to limits specified for each payment method, and there may be restrictions on the amount depending on the specific payment method.

Article 29 (Use and Deduction of Prepaid Electronic Payment Methods)

Users may use prepaid electronic payment methods within the time limit and in the manner specified by the Company, which will be announced on the Terms or on the service page related to prepaid electronic payment methods.
Users may use prepaid electronic payment methods as a payment method when purchasing goods or services from the platform.
Prepaid electronic payment methods will be immediately deducted upon the completion of a purchase.
If users have both paid and free prepaid electronic payment methods, the free amount earned through activities or promotions will be used first, followed by the prepaid amount that the user has purchased.
If a user cancels a purchase of goods or services for which prepaid electronic payment methods were used, the Company will recharge the user's prepaid balance with the amount used for the canceled transaction.

Article 30 (Withdrawal of Transaction Instructions for Prepaid Electronic Payment Methods)

If the user has used prepaid electronic payment methods to pay, the user may withdraw the transaction instruction until the information related to the payment reaches the recipient's designated electronic device.

Article 31 (Limits on Prepaid Electronic Payment Methods)

The maximum balance of prepaid electronic payment methods for verified users is set at 2 million KRW, and for unverified users, the limit is set at 500,000 KRW. However, the balance limits may be adjusted according to the Company's policy.
Monthly cumulative payment amounts and transaction limits for each payment method may be restricted based on the Company's policy and the criteria set by payment institutions (e.g., telecommunications companies, credit card companies).

Article 32 (Validity Period and Extinction of Prepaid Electronic Payment Methods)

The Company may set a validity period of one year or more for prepaid electronic payment methods, and users may use the prepaid electronic payment methods within the specified validity period.
The Company shall announce whether a validity period is set for prepaid electronic payment methods and the length of that period on the mobile web page or relevant platform.
If the validity period has expired but the statute of limitations has not, the user may request a refund for the unused portion of the prepaid electronic payment methods, and the Company will refund 90% of the balance according to the procedures set by the Company.
After five years from the date of purchase, the statute of limitations on the prepaid electronic payment methods expires under commercial law, and the user may no longer request a refund, payment, or other claims related to the balance.

Article 33 (Refund of Prepaid Electronic Payment Methods)

Users may request a refund of the balance of their prepaid electronic payment methods, and the Company will refund the entire balance without deducting fees in the following cases. However, if the user requests a refund due to a change of mind not listed below, the Company may deny the refund or deduct fees:

If the user requests a refund of the total purchase amount within 7 days of purchase.
If the prepaid electronic payment method cannot be used due to circumstances such as natural disasters that make it impossible for a vendor to provide goods or services.
If the prepaid electronic payment method is defective and the vendor is unable to provide goods or services.
If the user requests a refund after using at least 60% of the balance (80% for vouchers under 10,000 KRW) to purchase goods or services, based on the balance at the time of purchase or the most recent recharge. (Note: Gifting or transferring prepaid electronic payment methods is not considered usage.)

In the case of prepaid cards issued in cooperation with affiliates, the affiliate’s refund policy will take precedence.
For refunds not covered by Paragraph 1, prepaid electronic payment methods will be refunded in increments of 1,000 KRW.
Free prepaid electronic payment methods earned through promotions or events are excluded from refunds, and they are also not included in the usage calculation for refunds under Paragraph 1, Subparagraph 4. Additionally, free prepaid electronic payment methods will expire upon refund of paid methods.
The Company may impose limits on refund amounts and frequency to prevent fraud.
Further details not covered in these Terms about refunds will be announced on the mobile web page.

Article 34 (Management and Disclosure of Prepaid Charges)

The Company shall separate users' prepaid charges from its assets and deposit them in an external financial institution or subscribe to a payment guarantee insurance policy.
The Company shall check daily that the total prepaid charges match the total amount of funds in actual operation and disclose the total prepaid charges, trust details, payment guarantee insurance status, and insured amount on the website within 10 days after each quarter’s end.
If any of the following conditions occur, the Company shall prioritize the payment of prepaid charges to users through a trust company or insurance company. In this case, the Company must publicly announce the incident, the timing and location for payment, and other relevant matters through at least two major newspapers and the website within one month:

If the Company’s registration as an electronic financial transaction service provider is canceled or revoked.
If the Company is dissolved or terminates the issuance and management of prepaid electronic payment methods.
If the Company declares bankruptcy.
If the Company receives an order to suspend its issuance and management of prepaid electronic payment methods.
If any other event equivalent to Subparagraphs 1 to 4 occurs.

Article 35 (Trust of Prepaid Charges and Payment Guarantee Insurance)

The Company shall trust all prepaid charges and instruct the trust manager to manage them in safe assets. However, the Company may keep up to one-tenth of the total prepaid charges (excluding those covered by payment guarantee insurance under Paragraph 4) in liquid assets for immediate access, such as in a regular savings account.
The Company shall designate users as the beneficiaries of the trust fund, except where it is difficult to designate individual users, in which case the Company may designate a special purpose company (SPC) that has no conflict of interest with the Company.
The Company shall promptly transfer changes in users' funds and relevant information to the trust manager by the following day.
Notwithstanding Paragraph 1, if the Company must manage some of the prepaid charges directly (excluding the liquidity reserve) due to unavoidable reasons, it shall subscribe to payment guarantee insurance for the entire amount of prepaid charges managed directly and shall manage the funds in safe assets.