Service Terms of Use
2022. 10. 1. Enacted
These terms and conditions are intended to set forth the conditions and procedures for the use of products between corporate users of the products of Korea Payment Services Co., Ltd. and Korea Payment Services Co., Ltd. (hereinafter referred to as “KPS”).
Article 1 (Definition of Terms)
① The “Products of Korea Payment Services Co., Ltd.” (hereinafter referred to as the “Product”) means the products for which KPS provides or intermediates information, as specified in the “Korea Payment Services Product Subscription Application Form”.
② “Using Institution” means a corporation, company, organization, or similar entity that agrees to these terms and conditions and submits the “Korea Payment Services Product Subscription Application Form” in order to use the Product.
Article 2 (Amendment and Effectiveness of the Terms)
① These terms and conditions become effective when the Using Institution submits the Product Subscription Application Form (hereinafter referred to as the “Application”) to KPS and KPS approves the subscription.
② KPS may, for reasonable reasons, amend these terms and conditions to the extent that it does not violate relevant laws and regulations such as the Act on the Regulation of Terms and Conditions and the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. In such a case, KPS will post the details of the amendment on the Korea Payment Services website (https://www.koreapays.co.kr) for one month prior to the effective date of the amended terms.
③ In the case of Paragraph ②, if the Using Institution does not express its intention to refuse the amended terms by the day before the effective date, or continues to use the Product, the Using Institution shall be deemed to have agreed to the amended terms. If the Using Institution does not agree to the application of the amended terms, either the Using Institution or KPS may terminate this contract.
④ Matters not stipulated in these terms and the interpretation thereof shall be governed by the Act on the Regulation of Terms and Conditions, other relevant laws and regulations, or established commercial practices.
Article 3 (Use of the Product and Termination of the Contract)
① The Using Institution may use the Product from the date KPS notifies approval after submitting the Application, and service hours may be separately determined between the Using Institution and KPS.
② The term of this contract shall be one (1) year from the date KPS approves the Application submitted by the Using Institution. Unless either party notifies the other in writing of its intention to terminate (end) this contract at least one (1) month prior to the expiration of the term, this contract shall be deemed to be automatically renewed for additional one-year periods under the same conditions.
③ KPS may, without any prior notice or demand, immediately suspend or terminate this contract and the Using Institution shall lose the benefit of time for all obligations to KPS if the Using Institution falls under any of the following:
1) If the Using Institution commits any act that impairs the sound use of the Product;
2) If any bill or check issued by the Using Institution is dishonored;
3) If the Using Institution becomes subject to provisional seizure, provisional disposition, seizure, auction, disposition for arrears, or other compulsory execution procedures, or enters, or is likely to enter, proceedings such as bankruptcy, corporate reorganization, or composition;
4) If the Using Institution violates the conditions of this contract and fails to cure such violation within seven (7) days after being requested to do so;
5) If the Product usage fee is in arrears for two (2) months or more;
6) If it is confirmed that the Using Institution has used another person’s name or attached false reasons in the Application;
7) If KPS determines that the Using Institution’s acts otherwise hinder normal service operation; or
8) If it becomes difficult to perform this contract due to amendments to relevant laws, instructions from supervisory authorities, or policy changes of information providers such as banks and card companies.
④ If the Using Institution wishes to terminate the use of all or part of the Product, it may terminate this contract by submitting a written termination notice to KPS.
Article 4 (Change Request)
The Using Institution shall immediately submit a change request form with the required documents attached if any of the following items change:
1) Additional subscription or partial termination of the Product;
2) Withdrawal information for the Product usage fee; or
3) Basic information of the Using Institution (e.g., company name, address, tax invoice information, contact person, contact details, etc.).
Article 5 (Obligations of Both Parties)
① KPS shall comply with the following matters so that the Using Institution can use the Product smoothly:
1) Handling of failures and system operation tasks;
2) Management of information providers such as banks and card companies and mediation of information transmission and reception; and
3) Other tasks necessary for users to use the Product smoothly.
② The Using Institution shall comply with the following matters:
1) Compliance with these terms of use;
2) Payment of Product usage fees by the specified due date; and
3) Notification of any changes in corporate information, etc.
Article 6 (Initial Setup Fee and Product Usage Fee)
① The “Initial Setup Fee” means the initial one-time software subscription fee charged by KPS for the Using Institution to use the Product, which shall be paid to KPS at the time of subscription.
② The “Product Usage Fee” means the service charge that the Using Institution shall pay while using the Product.
③ The Product Usage Fee consists of a basic fee and a per-transaction fee, and, in principle, is automatically debited on the 10th of each month from the withdrawal account specified in the Application.
④ The Product Usage Fee shall be calculated on a pro-rata basis (assuming 30 days per month) in the month of subscription and the month of suspension or termination.
⑤ Even during the usage period, if there is a reason for change, the Product Usage Fee specified in the Application may be changed by mutual agreement between the Using Institution and KPS.
Addendum 1
Industries Not Eligible for Service Use
|
Category |
Description |
|
Food |
Cigarettes, electronic cigarettes, and related components |
|
Beauty & Miscellaneous |
Branded sneakers (e.g., Nike) / luxury goods |
|
Electronics |
Navigation devices, black boxes / GPS product shopping malls |
|
Memberships |
Condominium usage rights and sales rights / discount membership programs (accommodation, cars, travel, insurance, leisure, etc.) |
|
Gift Certificates |
Gift certificates and prepaid cards / online tickets, coupons, etc. |
|
Speculative / Gambling |
Lotto and lottery (including information services) / cycle racing, horse racing, gambling, etc. / game item sales |
|
Adult Entertainment |
Job placement for entertainment businesses (karaoke bars, room salons, etc.) / sales of adult products |
|
Services |
Purchasing, visa, and delivery agency / dating and meeting sites / fortune-telling services / advertising |
|
Precious Metals |
Highly liquid precious metals such as pure gold and diamonds |
|
Others |
Social commerce / half-price discount shopping malls / auction-style shopping malls / voucher distribution / multi-level marketing (MLM) / time-based loan information services / product brokerage trading (open market/marketplace) / file sharing / stock investment-related services / quasi-investment advisory services / coin and virtual currency-related services / advertising agency business (marketing agency, performance advertising, etc.) |
※ Industries restricted or designated by related organizations such as the Financial Supervisory Service and card companies may be restricted without separate procedures.
Addendum 2
Compliance with Purpose of Foreign Currency Remittance and Sanctions for Violations of the Foreign Exchange Transactions Act
[Obligation of Compliance]
The “User” (remittance applicant, user) must remit foreign currency only within the scope permitted by the Foreign Exchange Transactions Act (hereinafter referred to as the “Act”) and relevant laws and regulations, and shall not remit foreign currency for unauthorized purposes (e.g., virtual asset/cryptocurrency transactions, unlicensed financial transactions, illegal money laundering, etc.).
[Penal Provisions for Remittances for Unauthorized Purposes]
If it is confirmed that the User has remitted foreign currency for purposes prohibited by laws or this contract, such as virtual asset transactions, in violation of the obligations in the preceding paragraph, the User may be subject to criminal penalties (imprisonment, fines, etc.) pursuant to Article 29 (Penal Provisions) of the Act and related provisions of the Enforcement Decree and Enforcement Rules. In such cases, the “Company” (financial institution, service provider) has the right to report (notify) the User to investigative and supervisory authorities.
[Liability for Intent or Gross Negligence]
If the User, through intent or gross negligence, conducts foreign currency remittances for illegal purposes and thereby causes damage to the Company or a third party, the User shall bear all civil and criminal liability.
If there is a suspicion of violation of the Foreign Exchange Transactions Act, the Company may suspend or terminate transactions with the User and, if necessary, submit information or cooperate with relevant authorities.
[Additional Obligations Related to Capital Transactions]
If the foreign currency remittance falls under a capital transaction, the User must faithfully comply with the reporting and approval procedures stipulated in Article 9 (Capital Transactions) of the Act and Article 7 (Prior Reporting of Capital Transactions, etc.) of the Enforcement Decree. Failure to do so or submitting false reports may result in criminal penalties or fines under Article 29 (Penal Provisions) and Article 30 (Confiscation, etc.) of the Act.
[Exemption and Duty of Notice]
The Company shall not be liable for any legal disputes arising from false or fraudulent purposes of remittance or related documents and information provided by the User, and the User has the obligation to confirm in advance whether there is any violation of the Foreign Exchange Transactions Regulations or other domestic and overseas financial regulations, if necessary.
Legal basis: Foreign Exchange Transactions Act (“Act”) Article 29 (Penal Provisions) – provides for criminal penalties such as imprisonment or fines for those who illegally transfer or bring foreign currency in or out of the country without the filings/approvals prescribed by law, or who violate foreign exchange transaction business; Article 3 (Capital Transactions) of the same Act and
Article 7 of the Enforcement Decree (Prior Reporting of Capital Transactions, etc.)
