Market-NicePay (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

Article 1 (Purpose)

These Terms and Conditions are intended to set forth the basic matters regarding electronic financial transactions between NICE Payments Co., Ltd. (hereinafter referred to as "the Company") and users who utilize the electronic payment agency service and payment escrow service provided by the Company.

Article 2 (Definition of Terms)

The definitions of terms used in these Terms and Conditions are as follows:

"Electronic Financial Transaction" means a transaction in which the Company provides electronic financial transaction services—namely, electronic payment agency services and payment escrow services (hereinafter collectively referred to as "electronic financial transaction services")—through electronic devices, and the user utilizes such services in an automated manner without directly meeting or communicating with the Company’s personnel.
"Electronic Payment Agency Service" means a service that, by electronic means, transmits or receives payment information for the purchase of goods or the use of services, or acts as an agent or intermediary for the settlement of the payment amount.
"Payment Escrow Service" means a service in which, if a user makes an advance payment of all or part of the payment amount (hereinafter "Payment Amount") before receiving the goods or services (hereinafter "goods, etc."), the Company holds the Payment Amount until the confirmation of receipt of the goods or utilization of the service.
"User" means any person who agrees to these Terms and Conditions and uses the electronic financial transaction services provided by the Company.
"Access Medium" means a means or information used in an electronic financial transaction to issue a transaction order or to ensure the authenticity and accuracy of the user and the transaction details, including electronic cards and similar electronic information (including credit card numbers), certificates under the Electronic Signature Act, user numbers registered with the Company, biometric information of the user, and passwords necessary for the use of the above means or information, as prescribed in Article 2(10) of the Electronic Financial Transactions Act.
"Transaction Order" means an instruction given by the user to the Company for the processing of an electronic financial transaction under the electronic financial transaction contract formed pursuant to these Terms and Conditions.
"Error" means a situation where an electronic financial transaction is not executed in accordance with the electronic financial transaction contract or the user's transaction order, without any intentional or negligent act by the user.

Article 3 (Display and Amendment of the Terms and Conditions)

The Company shall display these Terms and Conditions for the user to review before using the electronic financial transaction services, and shall ensure that the user can verify the important details of these Terms.
Upon the user's request, the Company shall provide a copy of these Terms in an electronic document format.
When amending the Terms, the Company shall notify the users by posting the amended Terms on the initial screen of the electronic financial transaction service and on the Company’s website at least one month before the effective date of the changes.
In such notice, the Company shall state that "if the user does not agree with the changes, the contract may be terminated within 30 days from the date of notification, and if no notice of termination is received, it shall be deemed as acceptance of the changes."

Article 4 (Types of Electronic Payment Agency Services)

The electronic payment agency services provided by the Company are categorized by the type of payment method as follows:

Credit Card Payment Agency Service: When the user’s provided payment method is a credit card, the Company transmits and receives credit card payment information through an electronic payment system and acts as an agent or intermediary for the settlement of the Payment Amount.
Account Transfer Payment Agency Service: A real-time remittance service that allows the user to transfer the Payment Amount from the user’s registered bank account to the desired account via the Company’s electronic payment system.
Virtual Account Payment Agency Service: A service in which a unique one-time account is automatically issued to the user via the Company’s electronic payment system for making a cash payment when the user wishes to pay in cash.
Simple Payment Service: A service that enables the payment of goods without having to re-enter payment information every time, provided that the user has registered the necessary information once. However, the user must complete identity verification as prescribed by the Company and receive the Company’s approval in order to use this service.
Others: Other services provided by the Company based on various types of payment methods (such as mobile payment agency services, gift card payment agency services, etc.).

Article 5 (Contents of the Payment Escrow Service)

The user (which also includes the recipient of the goods, etc. if agreed by the user, hereinafter the same as “user”) must notify the Company within three business days from the date of receipt of the goods or services.
After receiving notification from the user of the receipt of the goods or services, the Company shall pay the Payment Amount to the mail-order seller within the deadline stipulated between the Company and the mail-order seller.
If the user fails to notify the Company of the receipt of the goods or services within three business days without a valid reason, the Company may pay the Payment Amount to the mail-order seller without the user's consent.
If a reason arises for the user to receive a refund of the Payment Amount before it is paid to the mail-order seller, the Company shall refund the Payment Amount to the consumer.
The Company may establish separate detailed terms for the rights and obligations regarding the use of the Payment Escrow Service, which shall be governed by a separate Payment Escrow Service Terms and Conditions.

Article 6 (Service Hours)

The Company shall provide the electronic financial transaction services 24 hours a day, 365 days a year as a general rule. However, the service hours may be adjusted in accordance with the circumstances of financial institutions or issuers of payment methods.
For the Account Transfer, Virtual Account, and Simple Payment Services, the service hours are generally from 00:30 to 23:30, subject to the circumstances of the banks.
The Company may temporarily suspend the service after posting the suspension notice via an available electronic means at least three days in advance, if suspension is unavoidable due to maintenance, inspection, or technical requirements of information and communication facilities, or due to circumstances of financial institutions or issuers of payment methods. However, in cases such as system failure recovery, urgent program repair, or other unavoidable external factors, the service may be suspended without prior notice.

Article 7 (Selection, Use, and Management of the Access Medium)

When providing electronic financial transaction services, the Company selects an access medium to verify the user’s identity, authority, and the details of the transaction order.
The user shall not lend, delegate, assign, transfer, or provide the access medium to any third party for collateral purposes.
The user shall not disclose, expose, or neglect the security of his/her access medium, and must exercise due care to prevent its theft, forgery, or alteration.
If the Company receives a notification from the user regarding the loss or theft of the access medium, from that time onward, the Company shall be liable for compensating the user for any damages incurred due to a third party’s use of the access medium.

Article 8 (Confirmation of Transaction Details)

The Company shall, by a predetermined electronic method agreed with the user, allow the user to verify the details of the transaction (including “the facts concerning the user’s error correction requests and the results of the processing”) and, upon request, provide a written copy of the transaction details (by facsimile transmission, etc.) within two weeks from the date of the request.
If the Company is unable to provide the written transaction details due to a malfunction of the electronic device or other reasons, it shall immediately inform the user of such reasons via electronic document transmission (including email). The period during which the transaction details cannot be provided due to such reasons shall not be counted as part of the two-week period.
The transaction details provided by the Company to the user shall include: the name or number of the transaction account, the type and amount of the transaction, the information of the transaction counterparty, the transaction date, the type of electronic device and information to identify the electronic device, the access log related to the electronic financial transaction, the fee received by the Company for the electronic financial transaction, the user’s consent for withdrawal, details of the application or changes to the conditions of the electronic financial transaction, and so forth. Specifically, records of electronic financial transactions exceeding 10,000 KRW per transaction shall be kept for 5 years, while records for small-value transactions (10,000 KRW or less per transaction), records regarding approval of electronic payment orders, and details of the user’s error correction requests and results shall be kept for 1 year. However, information concerning the fee received by the Company as consideration for providing the electronic payment agency service is excluded.
Should the user request the written transmission of transaction details as stipulated in paragraph 1, such requests can be made to the following address and phone number:

Address: 9th Floor, Semicolon Munrae N Tower, 25, Munrae-ro 28-gil, Yeongdeungpo-gu, Seoul (Munrae-dong 3-ga)
Email: nicepay@nicepay.co.kr
Telephone: 1661-0808 / 1661-7335
FAX: 02-312-3591

Article 9 (Correction of Errors, etc.)

If the user discovers any error in the use of the electronic financial transaction services, the user may request the Company to correct such errors.
Upon receiving a request for error correction pursuant to the preceding paragraph, the Company shall promptly investigate and process the request, and notify the user of the results within two weeks from the date of the request.

Article 10 (Company’s Liability)

The Company shall be liable for compensating any damages incurred by the user as a result of accidents caused by the forgery or alteration of the access medium. However, if the user violates paragraph 2 of Article 7 or, having known or should have known that a third party might use the access medium without authorization, negligently discloses, exposes, or neglects the security of the access medium, the user may bear all or part of the responsibility.
If an accident occurs during the electronic transmission or processing of the contract formation or transaction order, and the user suffers damages as a result, the Company shall be liable for compensating such damages. However, if the circumstances fall under the proviso of paragraph 1 or in the case of a corporate user (excluding small businesses as defined under Article 2(2) of the Framework Act on Small and Medium Enterprises) where the Company has taken sufficient precautions (such as establishing and strictly following security procedures) to prevent the accident, the user may bear all or part of the responsibility.
If an accident occurs as a result of the use of an access medium obtained through unlawful intrusion into an electronic device or an information network as defined in Article 2(1)(1) of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc., the Company shall be liable for compensating the user for such damages. However, the Company shall not be liable, either in whole or in part, if:

(a) The user unreasonably refuses to perform additional security measures required for electronic financial transactions (which are intended to enhance security beyond the verification by the access medium), thereby causing the accident as defined in Article 9(1)(3) (hereinafter “the Accident”); or
(b) The user causes the Accident by any of the following acts regarding the media, means, or information used in the additional security measures mentioned in subparagraph (a):

Disclosure, leakage, or neglect;
Lending, delegating the use, or providing for transfer or collateral purposes to a third party.

Article 11 (Effect of the Electronic Payment Transaction Contract)

When the user's transaction order is related to an electronic payment transaction, the Company shall act as an agent for the payment procedure and transmit the details necessary for the payment to be executed.
If the payment transaction is not executed in accordance with the user’s electronic payment transaction order, the Company shall refund any funds received from the user.

Article 12 (Withdrawal of the Transaction Order)

If the user has performed an electronic financial transaction, the user may withdraw the transaction order by sending an electronic document (including an email) to the designated representative stated in Article 8(4) prior to the effective payment.
The effective payment timing is defined as follows:

(i) In the case of electronic fund transfers, when the deposit record for the instructed amount is completed in the account ledger of the financial institution where the recipient’s account is maintained;
(ii) In the case of payments by other electronic means, when the instructed amount’s information entry is completed in the electronic device of the financial institution where the recipient’s account is maintained.

If the payment becomes effective, the user may request a refund of the Payment Amount in accordance with the relevant laws, such as the Framework Act on Electronic Commerce, or as provided in Article 5.

Article 13 (Creation and Retention of Electronic Financial Transaction Records)

The Company shall create and retain records that enable the tracing, searching, and verification or correction of any errors in the details of electronic financial transactions performed by the user. The types and methods of retention of such records shall be as specified in Article 8(3).

Article 14 (Prohibition on Providing Electronic Financial Transaction Information)

In providing the electronic financial transaction services, the Company shall not provide, disclose, or use for purposes other than those for which they are intended, any personal information of the user, including details regarding the user’s account, access medium, and the contents or performance of the electronic financial transaction, obtained in accordance with the Financial Real Name Act or other applicable laws, without the user’s consent.

Article 15 (Dispute Resolution and Mediation)

The user may request dispute resolution, including the filing of opinions, complaints, or claims for damages related to the use of the electronic financial transaction services, from the following responsible person or department:

Person in Charge: RM Team
Contact Information (Telephone, Email): 1661-0808 / 1661-7335, rm@nicepay.co.kr

If the user applies for dispute resolution with the Company, the Company shall notify the user of the investigation or processing results within 15 days.
The user may apply for dispute mediation with the Financial Supervisory Service’s Financial Dispute Mediation Committee pursuant to Article 51 of the Act on the Establishment, etc. of the Financial Supervisory Service, or with the Consumer Protection Agency pursuant to Article 33(1) of the Framework Act on Consumers in connection with disputes arising from the use of the Company’s electronic financial transaction services.

Article 16 (Company’s Obligation to Secure Stability)

The Company shall exercise due diligence as a prudent manager to ensure that electronic financial transactions are processed securely, and shall comply with the standards set by the Financial Services Commission regarding human resources, facilities, electronic devices, and information technology related to electronic transmission or processing for each type of electronic financial transaction.

Article 17 (Supplementary Provisions)

If there is any discrepancy between individually agreed terms and these Terms and Conditions, the individually agreed terms shall take precedence.
Any matters not specified in these Terms and Conditions regarding electronic financial transactions shall be governed by the respective individual agreements.
In the absence of any other agreed terms, any matters not specified in these Terms and Conditions or in the individual agreements (including definitions of terms) shall be governed by the Electronic Financial Transactions Act, the Framework Act on Electronic Commerce and Consumer Protection, the Credit Finance Business Act, and other relevant laws.

Article 18 (Jurisdiction)

Any disputes arising between the Company and the user shall be subject to the jurisdiction as determined by the Civil Procedure Act.

Supplementary Provisions

Initial Effective Date: July 17, 2016
Date of Change Announcement: July 1, 2020
Effective Date of Change: August 3, 2020