Terms of Service for Electronic Payment Gateway Services

Established: March 27, 2021 First Amendment: September 30, 2022 Second Amendment: November 11, 2024

Chapter 1: General Provisions

Article 1 (Purpose)

The purpose of these Terms is to regulate the rights, obligations, responsibilities, and conditions between MOIN, Inc. (hereinafter referred to as the “Company”) and users of the electronic financial transaction services (electronic payment gateway services and related services), as well as the basic procedures for service use.

Article 2 (Definitions)

The definitions of terms used in these Terms are as follows:
1. Electronic Financial Transaction: Refers to transactions where the Company provides electronic payment gateway services and related services (hereinafter collectively referred to as “Services”) through electronic devices, and the user utilizes the Services automatically without direct interaction with the Company’s personnel.
2. Electronic Payment Gateway Service: Refers to services that send or receive payment information electronically for the purchase of goods or services, or services that mediate or manage the settlement of such payments.
3. User (Member): Refers to a person who agrees to these Terms and uses the electronic payment gateway services and related services provided by the Company.
4. Access Media: Refers to means or information used in electronic financial transactions to secure the authenticity and accuracy of the user’s identity and transaction details, including electronic cards, electronic information equivalent to such cards (including credit card numbers), electronic signature creation information and certificates under the Digital Signature Act, user numbers registered with financial institutions or electronic financial businesses, biometric data of users, and passwords necessary to use these means or information, as stipulated in Article 2, Item 10 of the Electronic Financial Transactions Act.
5. Transaction Request: Refers to a user's instruction to the Company to process an electronic financial transaction under the terms of the electronic financial transaction contract.
6. Error: Refers to cases where an electronic financial transaction is not executed according to the electronic financial transaction contract or the user’s transaction request due to reasons beyond the user’s control.
7. Settlement: Refers to the Company's act of receiving the payment amount from a payment institution for transactions made using the electronic payment gateway services, and paying the user the amount after deducting mutually agreed-upon fees between the Company and the user. H. Business Day: Refers to any day other than public holidays, weekends, and substitute holidays when the Company operates normally in the Republic of Korea. I. Merchant: Refers to a business that sells goods or services to users and receives payment for sales through the electronic payment gateway services provided by the Company. J. Collection Transfer: Refers to the withdrawal of funds from the payer's account at a financial institution based on the recipient's electronic collection instruction and the deposit of the funds into the recipient's account at the same or another financial institution.
Except as otherwise defined in these Terms, the relevant laws and regulations, including the Electronic Financial Transactions Act, shall apply.

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

The Company shall post these Terms on the internet website or application (hereinafter referred to as the “Platform”) operated by the Company in a manner that is easy for users to access. Upon request, the Company shall deliver a copy of these Terms via electronic documents (including email), fax, mail, or in person.
If the user requests an explanation of the Terms, the Company shall explain the key contents through one of the following methods: A. Directly explaining the key contents to the user. B. Displaying the key contents via an electronic device in a way that is easy for the user to understand, and obtaining confirmation from the user through electronic means.

Article 4 (Changes to the Terms)

When the Company changes the Terms, it shall post the revised Terms on the Platform and individually notify users at least one month before the effective date. If a user raises an objection, the Company must confirm that the user has been notified of the changes using an appropriate method.
Notwithstanding Paragraph 1, if urgent changes are required due to amendments in laws or regulations, the Company shall post the revised Terms on the Platform for at least one month and notify the user afterward via electronic documents.
When providing notice of changes, the Company shall inform users with a statement to the effect that “Users may terminate the contract before the business day preceding the effective date of the changes if they do not agree with the revised Terms. If no objection is raised, it will be considered as acceptance of the changes.”
Users may terminate the contract for electronic financial transactions before the business day preceding the effective date if they disagree with the changes. If no objection is raised, the changes shall be considered accepted.

Article 5 (Management of Access Media)

The Company selects the access media to verify the user’s identity, authority, and the contents of the transaction request.
Users may not lend, delegate, transfer, or provide access media as collateral to third parties.
Users must not disclose or expose their access media to third parties or leave it unattended, and must exercise due care to prevent the theft, forgery, or alteration of the access media.
If the Company receives notification from the user of the loss or theft of the access media, the Company is liable for damages caused by the use of the access media by a third party from the time of notification.

Chapter 2: Provision and Use of Services

Article 6 (Types of Services and Limits)

The types of electronic payment gateway services provided by the Company are as follows: A. Account Transfer Service: A real-time remittance service that allows users to transfer payment from their account to the desired account via the Company's electronic payment system. B. Virtual Account Service: A service where users wishing to pay in cash are issued a unique, one-time virtual account number via the Company's electronic payment system, through which payment is made.
For the services in Paragraph 1, the monthly cumulative transaction amount and transaction limits for each payment method may be restricted according to the Company's policies and the standards of payment companies (telecommunications companies, card companies, etc.). These limits can be confirmed via the FAQ section on the website.

Article 7 (Service Hours)

The Company provides electronic financial transaction services 24 hours a day, 365 days a year, in principle. However, this may vary depending on the circumstances of financial institutions or other issuers of payment methods.
If the Company intends to change the service hours, it will notify users by posting a notice via an accessible electronic device for one month before the change. Exceptions may be made in cases of system failure recovery, urgent program maintenance, or other unavoidable circumstances.

Article 8 (Correction of Errors, etc.)

Users may request error corrections if they notice an issue while using the Company's services.
Upon receiving such a request, or if the Company discovers an error, the Company shall investigate and process the issue, and notify the user of the results within two weeks of receiving the request.

Article 9 (Creation and Retention of Service Usage Records)

The Company creates and retains records of transactions made using the electronic payment gateway service, allowing users to trace, search, or correct errors if they occur.
The transaction records outlined in Paragraph 1 that must be retained by the Company for five years are as follows:
1. Transaction account name or number
2. Type and amount of the transaction
3. Information identifying the counterparty
4. Date and time of the transaction
5. Type of electronic device and device identification information
6. Connection records of the electronic device used
7. Records of transactions exceeding KRW 10,000 per transaction
8. Fees received by the Company in return for providing electronic financial transactions.
9. User’s consent related to withdrawals
10. Details of electronic financial transaction applications or changes in conditions
The transaction records mentioned in Paragraph 1 must be retained by the Company for one year and include the following:
1. Records of small-scale electronic financial transactions of KRW 10,000 or less per transaction
2. Records of transaction approval when using electronic payment methods
3. Details of user’s error correction requests and processing results

Article 10 (Verification of Transaction Details)

The Company shall enable users to verify their transaction details, including details of error correction requests and processing results as specified in Article 8. If a user requests, the Company shall provide a written record of the transaction within two weeks. If the details cannot be provided due to technical reasons, the Company shall inform the user immediately via electronic document transmission (including email). The period during which the transaction details cannot be provided shall not be counted toward the document delivery period.
If users wish to request a written record of transactions as specified in Paragraph 1, they may request it at the following address and phone number:
1. Company Address: [Postal Code 06103] 5th Floor, Songhyun Building, 32, Seolleung-ro 111-gil, Gangnam-gu, Seoul
2. Email: support@themoin.com
3. Phone: +82-70-4367-0113

Article 11 (Effectiveness of Payment and Withdrawal of Transaction Requests)

Users may withdraw transaction requests before the payment becomes effective.
For scheduled transfers or bulk transactions, users can withdraw transaction requests until the last business day before the transfer date.
The point at which payment becomes effective, as outlined in Paragraph 1, is as follows:
1. For electronic fund transfers: When the transaction amount has been recorded in the recipient’s account ledger at the financial institution.
2. For other electronic payment methods: When the transaction amount has been entered into the financial institution’s electronic system.
The death, reporting of adult guardianship, or declaration of limited or specific guardianship of the user (including declaration of incompetency or quasi-incompetency), or the dissolution, merger, or bankruptcy of the user or the Company does not automatically result in the withdrawal or modification of a transaction request, nor does it affect the Company’s authority.
If a user withdraws a transaction request before the payment becomes effective, the Company may charge a withdrawal fee depending on the status of the previous transaction request. When the user withdraws the transaction request, the Company shall deduct the withdrawal fee from the transaction amount and return the remaining balance to the user. The Company must notify the user in advance of the applicable withdrawal fee at the time of the withdrawal request.

Article 12 (Refund)

If the transaction is not completed within 15 days from the transaction request date due to reasons not attributable to the user, the user may request a refund from the Company.
Upon receiving a refund request under Paragraph 1, the Company shall, except in special circumstances, refund the original transaction amount and any compensation for damages as stipulated in Article 16, Paragraph 1, to the user.

Article 13 (Withholding of Payment)

The Company may withhold payment under the following circumstances:

If the transaction is conducted by someone other than the user or is deemed an abnormal transaction used for purposes other than those submitted by the user.
If the financial authorities or other agencies notify the Company or the seller that the transaction is abnormal or suspicious, and the user fails to provide an explanation proving that it is a legitimate transaction.
If a garnishment or seizure order is received regarding the funds under the Civil Execution Act or other applicable laws. In such cases, the Company may withhold or deposit the funds in escrow.
If a court order for the collection or transfer of funds is received under the Civil Execution Act or other applicable laws. In such cases, the Company may pay the rightful claimant or deposit the funds in escrow.
If there is a violation of applicable laws related to this contract or suspicion of such a violation, and the financial authorities or courts request the withholding of payment.
If the financial authorities classify the transaction as abnormal or suspicious and request the withholding of payment.

Article 14 (Prohibition on Providing Electronic Financial Transaction Information)

The Company shall not provide, disclose to a third party, or use, for any purpose other than service provision, any personal information, account details, access media, or records of electronic financial transactions obtained during the provision of the electronic payment gateway services without the user’s consent, except as required for legal or regulatory purposes.

Article 15 (Disclaimer of Agency and Warranty)

The Company only operates, manages, and provides the electronic payment gateway system to facilitate convenient transactions and information exchange between users and sellers, and does not act as an agent for either party. Moreover, the responsibility for any transactions and information exchanged between users and sellers lies directly with the respective parties, unless the Company is at fault.
The Company does not guarantee the existence, authenticity, quality, completeness, safety, legality, non-infringement of third-party rights, or the accuracy or legality of any information input by the seller or any materials posted via linked URLs. Any associated risks shall be borne by the seller and the user, except in cases where the Company is at fault.
The Company does not sell products to users or purchase products from sellers in connection with the electronic payment gateway services. It only provides payment tools to enhance the convenience of transactions between users and sellers.

Chapter 3: Obligations, Responsibilities, and Disputes

Article 16 (Company’s Liability)

The Company shall be liable for damages incurred by the user if any of the following incidents occur due to the Company’s fault. The scope of liability includes ordinary damages as defined under the Civil Act, and special damages will only be compensated if the Company was aware of or could have reasonably foreseen the circumstances:
1. Incidents arising from the forgery or alteration of access media.
2. Incidents occurring during the electronic transmission or processing of transaction instructions.
3. Incidents caused by the unauthorized use of access media obtained through hacking or other fraudulent methods involving the Company's systems or information networks.
Notwithstanding Paragraph 1, the Company shall not be held fully or partially liable if the user’s intentional act or gross negligence caused the incident, including the following cases:
1. If the user lent their access media to a third party, delegated its use, or provided it for transfer or as collateral.
2. If the user disclosed, exposed, or failed to safeguard the access media, despite knowing or being able to easily know that a third party could use it for unauthorized electronic financial transactions.
3. If the user, without legitimate reason, refused to implement additional security measures requested by the Company for enhanced security, leading to an incident such as a third party hacking into the information network.
4. If the user engaged in any of the following actions regarding additional security measures, leading to an incident such as hacking into the information network:
Leaking, exposing, or neglecting access media.
Lending the access media to a third party, delegating its use, or providing it for transfer or as collateral.
If the user is a corporation (excluding small enterprises under Article 2, Paragraph 2 of the Framework Act on Small and Medium Enterprises) and damages occurred, but the Company had established and adhered to reasonable security procedures to prevent the incident.
For transactions such as the sale of goods between sellers and users, the responsibilities for processing the transaction, including delivery of goods, withdrawal of offers, exchanges, returns, and refunds, lie solely with the seller and the user. The Company is not involved in such transactions and bears no responsibility for them.

Article 17 (Company’s Obligation to Ensure Stability)

The Company shall comply with the standards set by the Financial Services Commission to ensure the safety and reliability of electronic financial transactions, including appropriate personnel, facilities, electronic devices, and IT resources for electronic transmission and processing.

Chapter 4: Miscellaneous Provisions

Article 18 (Dispute Resolution and Mediation)

Users may raise opinions, complaints, or claims for damages related to the use of the electronic payment service with the dispute resolution officer and responsible personnel. A. [Dispute Resolution Officer and Personnel]
Dispute Resolution Team, +82-70-4367-0113, support@themoin.com
When a user applies for dispute resolution, the Company shall investigate the matter and notify the user of the outcome within 15 days.
Users may apply for dispute mediation to the Financial Dispute Mediation Committee of the Financial Supervisory Service in accordance with Article 33 of the Act on the Protection of Financial Consumers concerning disputes related to the use of the Company's electronic payment service.

Article 19 (Consent and Withdrawal for Direct Debit)

Upon the user’s request, the Company may process consent for withdrawals on behalf of the financial institution where the user’s account is opened, following the procedures outlined in the Electronic Financial Transactions Act and related laws.
The Company shall submit the user’s consent information to the financial institution executing the direct debit.
The user may withdraw their consent for the direct debit before the withdrawal is recorded in the ledger of the user’s account by notifying the Company or the relevant financial institution.
Notwithstanding the preceding paragraph, for transactions processed in bulk or scheduled transactions, the timing for withdrawal of consent may be adjusted according to prior agreements made between the user and the Company.
If the user withdraws their consent for the direct debit as per Paragraph 3, they may file objections regarding any withdrawals that occurred after the consent withdrawal request with the person in charge as stipulated in Article 10, Paragraph 2. However, this provision does not apply to withdrawals that occurred before the consent withdrawal request.

Article 20 (Mistaken Remittance)

If the user mistakenly transfers funds due to incorrect input of the remittance amount, the recipient financial institution, or the recipient account number (hereinafter referred to as “Mistaken Remittance”), the user may notify the Company, which will contact the recipient or the recipient financial institution to request the return of the mistakenly remitted funds.
The Company shall notify the user within 15 days from the date the user informs the Company of the mistaken remittance, regarding the recipient's response, whether the recipient intends to return the funds, and the reason if the recipient does not intend to return the funds.
During the process of returning the mistaken remittance, fees may be incurred, and the Company may deduct such fees from the refunded amount before returning it to the user.

Article 21 (Other Rules and Jurisdiction)

If there are individually agreed terms between the Company and the user that differ from the provisions of these Terms, the individually agreed terms shall take precedence.
The Company may establish separate terms of use and policies for individual services (hereinafter referred to as “Individual Terms”), and where such terms conflict with these Terms, the Individual Terms shall take precedence.
Matters not specified in these Terms (including definitions of terms) shall be governed by the Electronic Financial Transactions Act, the Act on Consumer Protection in Electronic Commerce, the Specialized Credit Finance Business Act, and other applicable laws of the Republic of Korea.
Jurisdiction over disputes between the Company and the user shall be determined in accordance with the Civil Procedure Act.

Addendum (January 22, 2024)

Article 1 (Effective Date)

These Terms shall take effect on May 2, 2024.

Article 2 (Service Use)

Matters related to the use of online services that are not directly related to electronic financial transactions shall be governed by the service terms of use.