Naver Pay, Kakao Pay, Toss to notify users of unused balances on the 19th
The three payment platforms held 25.5 billion won in long-unused prepaid charge balances as of the end of August, with 1.76 million users subject to notification.
Naver Pay, Kakao Pay and Toss will begin notifying users about long-unused prepaid charge balances and offering refund procedures starting on the 19th, according to digitaltoday.co.kr.
The three companies held a combined 25.5 billion won in long-unused prepaid charge balances as of the end of August, and the number of users subject to notification reaches 1.76 million, counting duplicates.
Each company set its own notification threshold. Kakao Pay notifies users with balances of 1 won or more after one year of inactivity at least once a year, while Naver Pay and Toss notify customers with no usage history in the past two years and balances of 1,000 won or more.
Refund routes differ by app. Naver Pay links balance checks and cash refund requests through Naver TalkTalk, and Toss provides app push notifications so users can transfer balances to their own bank accounts immediately. Kakao Pay added a refund wording to the 'Send to my account' button in its KakaoTalk notification messages.
On expiration, Toss Money has no separate expiration period, so balances do not expire even if unused for a long time. Kakao Pay applies a 10-year expiration period from the last charge or usage date and in April 2025 implemented an automatic 10-year extension policy, and Naver Pay also has a 10-year expiration period.
Financial authorities plan to encourage other electronic financial businesses to participate voluntarily based on the improvement results.
Quick answers
When do the notifications start?
Naver Pay, Kakao Pay and Toss start notifying users about long-unused prepaid charge balances and offering refund procedures on the 19th.
Who will be notified?
The number of users subject to notification reaches 1.76 million, counting duplicates. Kakao Pay notifies users with balances of 1 won or more after one year of inactivity, while Naver Pay and Toss notify customers with no usage history in the past two years and balances of 1,000 won or more.
How can users get a refund?
Naver Pay links balance checks and cash refund requests through Naver TalkTalk, Toss provides app push notifications for transfers to the user's own bank account, and Kakao Pay added a refund wording to the 'Send to my account' button in its KakaoTalk notification messages.