[Consultation] Review of prepaid electronic payment methods, terms of use, and privacy policy.

Law firm Veat received a referral from A, a company operating an online service platform, and conducted a legal review regarding whether the digital prepayment payment method used on that platform constitutes a digital prepayment payment method. As a result, we modified A’s terms of use and personal information processing policy.

The Electronic Financial Transactions Act defines ‘transferable monetary value stored electronically and issued as a certificate or information regarding that certificate as 1) it will be used to purchase goods or services from a third party other than the issuer and pay the price, and 2) the scope of goods or services that can be purchased exceeds two industries.

Given the trend of convenient electronic payment methods, such as prepaid payment methods and convenient payment systems, being commercialized, companies seeking to introduce these methods should conduct a legal review to operate safely.

Thank you.