{"id":24912,"date":"2026-05-21T08:57:08","date_gmt":"2026-05-21T08:57:08","guid":{"rendered":"https:\/\/www.europesays.com\/korea\/24912\/"},"modified":"2026-05-21T08:57:08","modified_gmt":"2026-05-21T08:57:08","slug":"kakao-pay-cuts-mistaken-transfer-refund-time-by-two-thirds","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/korea\/24912\/","title":{"rendered":"Kakao Pay Cuts Mistaken Transfer Refund Time by Two-Thirds"},"content":{"rendered":"<p><img alt=\"Kakao Pay logo. Photo courtesy of Kakao Pay - Seoul Economic Daily Finance News from South Korea\" title=\"Kakao Pay Cuts Mistaken Transfer Refund Time by Two-Thirds\" fetchpriority=\"high\" width=\"1200\" height=\"675\" decoding=\"async\" data-nimg=\"1\" class=\"w-full h-auto rounded-sm\" style=\"color:transparent;object-fit:contain;object-position:center\" src=\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/05\/news-p.v1.20260521.87876a613cad41bca7fbc85ff6cff50f_P1.jpg\"\/>Kakao Pay logo. Photo courtesy of Kakao Pay<\/p>\n<p class=\"mb-4 text-[var(--color-text)] leading-relaxed\">Kakao Pay has cut the processing time for refunding mistaken transfers to about one-third of the previous level through an electronic data linkage system jointly built with Shinhan Bank. The automation of complex manual procedures has significantly accelerated processing and improved user convenience, observers said.<\/p>\n<p class=\"mb-4 text-[var(--color-text)] leading-relaxed\">Kakao Pay announced Tuesday that since introducing the electronic data linkage for mistaken transfer refunds with Shinhan Bank in December 2024, the average processing time has been shortened from 18.2 days to 5.4 days. The time required for refunds has been reduced to roughly one-third of the previous level.<\/p>\n<p class=\"mb-4 text-[var(--color-text)] leading-relaxed\">Until now, the mistaken transfer refund process has largely relied on manual work. When a user applied for a refund, the platform operator would print related documents in accordance with each bank&#8217;s format and submit them on paper. The bank would then verify the documents again and convey the refund request through the Korea Financial Telecommunications &amp; Clearings Institute network. The repeated process of document delivery and verification inevitably lengthened processing time.<\/p>\n<p class=\"mb-4 text-[var(--color-text)] leading-relaxed\">To improve this, Kakao Pay and Shinhan Bank built a real-time data linkage system through a value-added network (VAN) provider. Mistaken transfer information is now transmitted electronically in real time, and the verification of refund details and deposit processing have also been automated based on firm banking. The electronic automation is currently applied mainly to users who choose account-based refunds. Kakao Pay plans to expand the linkage scope to other financial institutions going forward.<\/p>\n<p class=\"mb-4 text-[var(--color-text)] leading-relaxed\">&#8220;Mistaken transfers are mistakes that anyone can make, so we judged that the resolution process should not become another burden for users,&#8221; a Kakao Pay official said. &#8220;Starting with this preemptive electronic linkage with Shinhan Bank, we will do our best to ensure that all users can use financial services with greater peace of mind.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"Kakao Pay logo. Photo courtesy of Kakao Pay Kakao Pay has cut the processing time for refunding mistaken&hellip;\n","protected":false},"author":2,"featured_media":24913,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[622],"tags":[16795,16794,16797,827,1043,16796,16793,11560,16798],"class_list":["post-24912","post","type-post","status-publish","format-standard","has-post-thumbnail","category-kakao","tag-electronic-data-linkage","tag-fintech-automation","tag-firm-banking","tag-kakao","tag-kakao-pay","tag-korea-financial-services","tag-mistaken-transfer-refund","tag-shinhan-bank","tag-van"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/24912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=24912"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/24912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/24913"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=24912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=24912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=24912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}