Chapter 1. General Provisions
Article 1 (Purpose)
Article 2 (Definitions)
The following terms used in the EFT Terms shall have the following meanings ascribed to them:
- “Electronic Financial Transaction or EFT” means any transaction where the Company provides electronic financial transaction services through the users' Electronic Device (as defined herein) in an automated manner without the user personally appearing before or directly communicating with the Company’s employees.
- “Electronic Payment Means” means an Electronic Pre-payment Means, credit card, or other electronic payment means as defined in Article 2.11 of the Electronic Financial Transactions Act (the “EFTA”).
- “Electronic Pre-payment Means” means a medium of payment regulated by the EFTA used online or offline regardless of its name and issued by the Company after prior notice to the member.
- “Electronic Payment Transaction” means any electronic financial transaction whereby a person providing a payment requires the Company to transfer money to another person (the “Payee”) by Electronic Payment Means.
- “Electronic Device” means any device used to transmit or process information on an EFT through electronic means, such as a cash dispenser, automatic teller machine, debit terminal, computer, telephone, or other devices that electronically transmit or process information.
- “Means of Access” means any means or information used to issue a Transaction Request (as defined herein) in EFTs or secure the authenticity and accuracy of the members and the details of such transaction, including members’ ID and password registered with the Company and other means the Company designates.
- “Electronic Financial Transaction Services or ETF Services” means any services the Company provides to the members, including the issuance and management of the Electronic Pre-payment Means, ePayment Gateway Services, and Payment Escrow Services.
- “ePayment Gateway Services” means, concerning the electronic purchase of a product or service, a service of transmitting or receiving payment information, or agency or intermediation service for the settlement of such consideration.
- “Payment Escrow Services” means a service where, concerning a Prepaid Mail-order Sale (as defined herein) made on the damda Platform, a consumer's payment for a product is kept by the Company in escrow until the shipment is completed, after which the payment is made to the Seller (as defined herein).
- “Prepaid Mail-order Sale" means a mail-order sale where the Consumer (as defined herein) makes full or partial payment before receiving the product.
- “Seller” means a person who agrees to the EFT Terms, opens a store on the damda Platform operated by the Company, and is engaged in mail-order sales business.
- “Consumer” means a person who agrees to the EFT Terms and purchases products from the Seller (with a store on the damda Platform) and falls under the definition in Article 2.5 of the Act on the Consumer Protection in Electronic Commerce, Etc.
- “Transaction Request” means any request whereby a member asks a financial institution or an electronic financial company to process the EFT under an EFT agreement.
- “Error” means any case where an EFT fails to perform either under an EFT agreement or the member’s Transaction Request without willful misconduct or gross negligence on the part of the member.
- “ID” means a combination of numbers and letters set by the member and approved by the Company to identify individual members and use services.
- “Password” means a combination of numbers and letters set by the member and approved by the Company to identify individual members and protect members’ information.
- “Affiliate” means any person who offers goods or services to members in transactions using the Electronic Payment Means under a contract with the Company.
Article 3 (Disclosure and Amendment of the EFT Terms)
- The Company discloses the EFT Terms on the damda Platform for its members to check important information in the EFT Terms before they commence an EFT.
- The Company shall send a copy of the EFT Terms to a member upon his/her request by transmitting an electronic document (including transmission by e-mail).
- If the Company amends any terms of the EFT Terms, it shall post the amended EFT Terms, for one month before the EFT Terms taking effect, on the damda Platform or the screen that prompts the member to enter their financial transaction information. However, the Company shall confirm that it has notified the member of the changed EFT Terms if the member objects regarding the changed EFT Terms.
- Members may terminate the EFT contract during the period starting on posting/notification of the changed EFT Terms under Paragraph 3 and ending on the business day immediately before the effective date. If a member does not object to the changed EFT Terms within the foregoing period, he/she will be deemed to have agreed to the changed EFT Terms.
- If the EFT Terms are urgently altered due to any amendment to the relevant laws, the Company shall promptly publish the EFT Terms so altered at least for a month on the damda Platform and inform the members thereof.
Article 4 (Composition and Details of EFT Services)
① The EFT Services consist of the following individual services, and the Company shall post details on each service on the damda Platform:
- ePayment Gateway Services;
- Payment Escrow Services; and,
- Services relating to the issuance and management of the Electronic Pre-payment Means.
② The Company may amend services as necessary by providing prior notification to the members.
Article 5 (Confirmation of Transaction Details)
- The Company shall ensure that the member can confirm the details of his/her transactions through the damda Platform’s browse page for the related service (including the member's 'details of the requests for the correction of errors and the results of its processing'). Suppose the member requests the Company to provide the transaction details in writing. In that case, the Company shall deliver the transaction details in writing by facsimile, mail, or personal delivery
within two weeks from the date it received such request.
- Suppose the Company cannot provide the transaction details in writing requested by the member due to the failure of the Electronic Device or other causes. In that case, it shall immediately notify the member of such cause by transmitting an electronic document (including transmission by e-mail). In this case, the period during which the transaction details cannot be provided due to the failure of the Electronic Device shall not be included in the calculation of the delivery period of the written statement in Paragraph 1 above.
- Of the transaction details under Paragraph 1 above, the Company must retain the following information for five years:
- Name or number of transaction account;
- Type and amount of transaction;
- Information identifying the counterparty to the transaction;
- Date and time of the transaction;
- Type of the Electronic Device and information identifying the Electronic Device;
- Fees that the Company received in connection with EFTs;
- Member consent for the withdrawal of money;
- Access records of the Electronic Device related to the subject EFT;
- Request for EFT and change in conditions for the EFT; and
- Records on EFTs where the transaction amount is at least KRW 10,000 per transaction
④ Of the transaction details under Paragraph 1 above, the Company must retain the following information for one year:
- Records on de minimis EFTs where the transaction amount is less than KRW 10,000 per transaction;
- Records regarding approval of transactions in relation to the use of the Electronic Payment Means; and
3.Member's request for correction of Errors and the result of its processing.
⑤ Members may request written documents outlined in Paragraph 1 above to the following address or telephone number:
damda.Com Company Limited
Address: (5th Fl. Rooke-Bud Building) 39 Dasan-ro 47-gil, Jung-gu, Seoul
E-mail address: firstname.lastname@example.org
Article 6 (Correction of Errors)
- When the member becomes aware of an Error in using the EFT Services, he/she may request the Company to correct the Error.
- When the Company receives a request to correct an Error under Paragraph 1 or becomes aware that there is an Error, it shall immediately investigate and effect the appropriate corrections to the processed transaction. It shall notify the member in writing of the results within two weeks from the date when it receives the request or becomes aware of the Error. However, the Company may notify the member in writing if the member requests so.
Article 7 (Generation and Retention of EFT records)
- The Company will generate and retain records, from which the member can track or search details of his/her EFTs, or from which any Error in EFT details, if found, can be checked or corrected.
- Types of, and method of retention for, the records to be retained by the Company under Paragraph 1 shall be subject to Paragraphs 3 and 4 of Article 5 hereof.
Article 8 (Cancellation of Transaction Request)
- A member who has entered into an Electronic Payment Transaction may cancel his/her Transaction Request at any time before the payment becomes effective by transmitting an electronic document (including e-mail) to the relevant contact person provided in Paragraph 5 of Article 5 above. The cancellation requests for each of the services shall take effect at the time outlined in Articles 16, 20, and Article 26.
- If the payment has already become effective, the member may receive a refund for his/her payment according to the cancelation method provided in applicable laws such as the Act on the Consumer Protection in Electronic Commerce, Etc.
Article 9 (Prohibition on the Provision of EFT Data)
Except as provided by laws and regulations such as the Act on Real Name Financial Transaction and Confidentiality, or without the consent of the member himself/herself, the Company shall neither provide nor disclose to any third party, nor use for any purpose other than its business purposes, any information or data regarding the members’ personal matter or account, the Means of Access, or the contents or records of the EFT.
Article 10 (Liability of the Company)
- The Company shall compensate the member for any loss or damage he/she suffers as a result of any of the followings:
- Loss or damage arising from forgery or alteration of the Means of Access;
- Loss or damage arising in the course of electronically transmitting or processing the execution of a contract or the Transaction Request
- An incident caused by the use of a Means of Access acquired by fraudulent or other illegal means invading an information and communication network for EFTs defined in Article 2.1.1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc.;
- Notwithstanding Paragraph 1 above, the Company shall not be liable for any loss or damage incurred in any of the following cases, in which case, the member shall bear the partial or whole responsibility:
- If the member has leased or entrusted a third party with the use of the Means of Access, transferred it to a third party, or provided it as security;
- If a member disclosed, exposed, or neglected the Means of Access even though he/she had or could have known that a third party could perform EFTs using the disclosed, exposed, or neglected Means of Access without authorization;
- If the incident in Paragraph 1.3 has occurred because the member has rejected certain security measures required by the Company for EFTs in addition to the measures under Article 6.1 of the EFTA without justifiable reasons;
- If the incident in Paragraph 1.3 above has occurred because the member engaged in any of the following acts concerning the media, means, or information used for additional security measures under Subparagraph 3:
- The member disclosed, exposed, or neglected the Means of Access; or
- The member has leased or entrusted a third party with the use of the Means of Access, transferred it to a third party, or provided it as security; or,
- If the member who is a corporation (excluding small enterprises as outlined in Article 2.2 of the Framework Act on Small and Medium Enterprises) suffers the loss or damage, although the Company has fulfilled its duty of due care as reasonably requested, such as the establishment of, and thorough compliance with, security procedures to prevent an accident.
- The Company may temporarily interrupt the provision of the EFT Services for the maintenance, replacement, or the like of the Company's information & communications system (e.g., computers). The Company shall notify the members in advance of the interruption of the EFT Services and the reasons therefor on the damda Platform.
- Notwithstanding the member’s Transaction Request, the Company may temporarily interrupt the provision of the EFT Services for the maintenance, replacement, or failure of the Company’s information and communications system (e.g., computers), disruption of telecommunications services, or the like. In such a case, it shall compensate the members for any loss or damage they suffer due to such temporary suspension.
Article 11 (Dispute Resolution and Mediation)
- Regarding EFTs, members may raise opinions or complaints or request dispute resolution for damage claims to the persons specified on the damda Platform's main page.
- Any member may apply dispute resolution in writing (including electronic documents) or using an Electronic Device to the Company headquarter or business office under Paragraph 1 above. The Company shall notify the member of the results of its investigation or the resolution of the dispute within fifteen days.
- The member may, if he/she has any objection regarding the results of the Company's dispute resolution, apply for mediation with either the Financial Disputes Mediation Committee of the Financial Services Commission under the Act on the Establishment, Etc. of Financial Services Commission, or the Consumers Dispute Settlement Commission of the Korea Consumer Agency under the Framework Act on Consumers, in connection with the dispute that arose out of the use of the Company's EFT Services.
Article 12 (Company’s Duty of Security)
In furtherance of ensuring security and reliability for each EFT type, the Company will perform its fiduciary duty and comply with the standards set forth by the Financial Services Commission concerning the electronic financial business and information technology, e.g., personnel, facilities, and the Electronic Devices used for electronic transmission or processing, which may vary depending on the EFT type.
Article 13 (Other Rules to Comply with)
- Any matters (including definitions of terms) not set forth herein shall be governed by individual EFT Terms and consumer protection laws such as the EFTA, the Act on the Consumer Protection in Electronic Commerce, Etc., and the Specialized Credit Finance Business Act.
- If there is an agreement between the Company and a member different from the EFT Terms, the agreement shall prevail.
Article 14 (Dispute Resolution)
Any lawsuit arising out of the EFT Terms, to which the Company is a party, shall be submitted to the Seoul Central District Court, referred to as the exclusive competent court of the first instance.
Chapter 2. e-Payment Gateway Services
Article 15 (Cancellation of Transaction Request))
- A member who has used the e-Payment Gateway Services may withdraw his/her Transaction Request at any time before the amount of the Transaction Request is (i) recorded in the account ledger of either the Company or the financial institution where the Payee’s account is established, or (ii) entered in the Electronic Device.
- The Company must return the received payment to the member if the member has successfully withdrawn the Transaction Request and thereby no transaction requiring the payment has been entered into.
Article 16 (Management of Means of Access)
- The Company shall select the Means of Access and check the member's identity, authority, and contents of the Transaction Request and the like in providing the e-Payment Gateway Services.
- Except as particularly provided by laws and regulations, the member shall not commit any of the following acts in using the Means of Access:
- Transferring or taking over a Means of Access;
- Borrowing or lending a Means of Access, or storing, delivering or distributing it, accompanied by a receipt, demand, or promise of any compensation;
- Borrowing or lending a Means of Access, or storing, delivering, or distributing it to use it for any crime or with the knowledge of the fact that it will be used for any crime;
- Providing a Means of Access as the object of pledge;
- Arranging or advertising any act referred to in Subparagraphs 1 through 4.
- Members shall not divulge or disclose their Means of Access to a third party or neglect or leave the Means of Access unattended. They shall use reasonable caution to prevent theft, forgery, or falsification of the Means of Access.
- Upon receiving the member's notice of the theft, loss, or the like of his/her Means of Access, the Company shall be liable for losses or damages suffered or sustained by the member arising from a third party's use of the Means of Access thereafter.
Chapter 3. Payment Escrow Services
Article 17 (Release of Payment in Escrow)
- The Consumer (including persons to receive the product if such Consumer consented thereto; the same applies to Paragraphs 2 and 3 below) must notify the Company of his/her receipt of the product within three business days therefrom.
- Upon receiving the Consumer’s notice of receipt of the product, the Company shall release the payment to the Seller at a time no later than the date it has specified.
- If the Consumer fails to notify the Company of his/her receipt of the product within three business days therefrom without providing a reasonable explanation, the Company may thereafter release the payment to the Seller without the Consumer’s consent.
- The Company must return the payment to the Consumer if circumstances arise wherein the Consumer becomes entitled to a refund of the payment before the Company releases the payment to the Seller.
Article 18 (Cancellation of Transaction Request)
- A member who has used the Payment Escrow Services may withdraw his/her Transaction Request at any time before information on the amount of Transaction Request has reached the Electronic Device designated by the Payee.
- The Company must return the received payment to the member if he/she has successfully withdrawn the Transaction Request and thereby, no transaction requiring the payment has been entered into.
Article 19 (Mutatis Mutandis Application)
Article 16 of Chapter 2 shall apply mutatis mutandis to the Payment Escrow Service provided in this Chapter.
Chapter 4. Electronic Pre-payment Means
Article 20 (Cash Balance of Electronic Pre-payment Means)
- Members can accumulate the Electronic Pre-payment Means by charging (purchasing) it or through the goods purchases. Also, the amount paid by the member over the actual payment amount (difference in deposit), the amount that is to be returned to the member for reasons of cancellation before confirming payment (deposit refund), the amount that is to be returned to the member for reasons of purchase cancellation or return after an order is placed (a refund for a canceled order), and the like are aggregated and accumulated in the virtual Electronic Pre-payment Means account.
- The maximum Cash Balance allowed in the virtual Electronic Pre-payment Means account is KRW 2 million for named accounts or KRW 500,000 for anonymous accounts. Members may transfer any of the Cash Balance to a third party according to the method determined by the Company. Details of various Electronic Pre-payment Means issued by the Company are posted on the damda Platform’s service screen.
Article 21 (Managing Means of Access)
- The Company shall not be liable for any loss or use of the Cash Balance in the Electronic Pre-payment Means account, which occurs before receiving the member’s notice of loss, theft, or the like of the Electronic Pre-payment Means or Means of Access.
- Article 16 of Chapter 2 shall apply mutatis mutandis to this Chapter.
Article 22 (Refunds)
- The member may request, and subsequently receive, a full refund for any Electronic Pre-payment Means he/she owns in the following events. However, only the Electronic Pre-payment Means that the member purchased from the Company and owns may be refunded, but not those that the Company provided for free through sweepstakes or otherwise:
- Where the member is unable to use the Electronic Pre-payment Means because the Company or Affiliate cannot provide goods or services due to natural disasters or the likes; or
- The Company or Affiliate is unable to provide goods or services due to a defect in the Electronic Pre-payment Means.
- Members can use the Electronic Pre-payment Means according to the deadline and usage method set by the Company. The specific details of the latter are posted on the damda Platform.
Article 23 (Expiration Date)
- The Company may set an expiration date for the Electronic Pre-payment Means that it provides to members at no cost through events such as sweepstakes. The member may only use the said Electronic Pre-payment Means until the pre-determined expiration date.
- The Company shall provide prior notification on the website used for such events to members regarding the expiration dates, if any, of the Electronic Pre-payment Means.
Article 24 (Cancellation of Transaction Request)
- Members utilizing the Electronic Pre-payment Means may cancel their Transaction Request at any time before the Payee’s receipt of data on the monetary amount of the requested transaction.
- The Company shall return any received payments if the member has successfully withdrawn the Transaction Request and thereby no transaction requiring the payment has been entered into.
Article 25 (Retraction and Negative Balance of Electronic Pre-payment Means)
- The Company may retract any Electronic Pre-payment Means accumulated from the member’s canceled purchase.
- If the Company, due to certain circumstances (such as purchase cancellation by the member) retracts the Electronic Pre-payment Means already given to the member, the Company may establish a negative balance of the Electronic Pre-payment Means below zero if the member account balance is less than the amount of Electronic Pre-payment Means to be retracted, in which case the member may recover such Electronic Pre-payment Means through additional purchases, by making a cash payment to replenish his/her account, or otherwise.