South Korea’s Financial Services Commission and Financial Supervisory Service have established measures with Naver Financial, Kakao Pay and Viva Republica to notify users of long-unused prepaid balances at least annually and provide direct access to cash refunds. The initiative covers 1.76 million users, including duplicates, holding KRW 25.5 billion as of the end of August and complements broader efforts to return forgotten financial assets to consumers. Kakao Pay will classify balances as long unused after one year without a top-up or transaction, while Naver Financial and Viva Republica will use a two-year threshold. Notifications will state the balance and expiry information and link users to refund functions, replacing the need to locate those functions independently. The three providers will begin sending notifications through official app and messaging channels from Oct. 19, and the authorities plan to encourage wider voluntary adoption across the electronic finance sector.
South Korea’s Financial Services Commission introduces annual alerts and streamlined refunds for long-unused big tech prepaid balances
South Korea’s Financial Services Commission and Financial Supervisory Service have introduced annual alerts and easier refunds for long-unused prepaid balances at Naver Financial, Kakao Pay and Viva Republica. The initiative covers 1.76 million users, including duplicates, with KRW 25.5 billion in balances. Notifications will begin through official channels from Oct. 19 and provide direct access to cash refunds.