South KoreaWhere do I report if payment cancellation isn't processed?
Report payment cancellation failures to the Financial Services Commission (FSC) or the Financial Supervisory Service (FSS) in South Korea, especially if the service provider is a licensed financial institution.
What the Law Says
South Korean law requires electronic financial service providers to process payment cancellations promptly and refund amounts within strict deadlines. Failure to do so triggers regulatory reporting obligations.
Under the Electronic Financial Transactions Act (EFTA), financial service providers must cancel payments and refund funds upon valid user request — unless prohibited by law or contract terms. The law imposes clear timelines and accountability.
If a cancellation request meets legal requirements but is not processed, users may file a complaint with the Financial Supervisory Service (FSS), which investigates and enforces compliance. The FSC oversees broader policy and supervision.
The EFTA also authorizes penalties for noncompliance, including fines up to KRW 30 million for violations of refund and cancellation obligations.
Statutory TextWhen an electronic financial transaction is cancelled pursuant to Article 32, the electronic financial business operator shall immediately refund the amount paid.
— Electronic Financial Transactions Act, s. 34 — Refund upon Cancellation
Statutory TextAny person who violates Article 34... shall be punished by imprisonment with labor for not more than three years or by a fine not exceeding thirty million won.
— Electronic Financial Transactions Act, s. 51 — Penalty
What to Do
Confirm your cancellation request was submitted correctly (e.g., via official app, email, or certified notice).
Wait up to 30 days for refund — the statutory maximum period for processing under EFTA guidelines.
If no refund or response, file a complaint online at fss.or.kr/eng/complaint or call the FSS Consumer Call Center (1332).
Include proof: transaction ID, cancellation request timestamp, and screenshots or receipts.
Escalate to the Financial Services Commission (fsc.go.kr) if the FSS does not resolve the issue within 15 working days.
Sources
Not legal advice. This article is general information based on publicly available sources, written for educational purposes. Laws change and individual situations vary. Consult a licensed attorney in your jurisdiction before acting on anything you read here. Last reviewed: 2026-06-08.