Korea has a high level of human service and technological innovation in the payment system. Most Korean payment apps allow consumers to take up digital payment services and cash out 24-hour information usage fees any time, even late at night, for their convenience. Recently, some of the primary global payment services in Korea have introduced a new kind of fee that will be charged for cash-outs of late-night balances.
The aim is that the fee is supposed to discourage people from conducting non-emergency cash-outs in the dead of night when staff support is less available. In a statement, primary global payment services noted that the initiative would serve as a way to manage the operational cost emanating from 24-hour information usage; thus, the fee will only be included for excess amounts in a layman’s account rather than penalizing the occasional late-night cash-out above a certain threshold.
New Cash out 24-hour information usage fee
Some of the largest payment service providers in Korea are set to begin charging an “information usage fee” for use in obtaining “24-hour cash-out information” after hours.
Knowledge of timing and the thresholds for service
Information usage fee charges are based on the cash-out transaction made between 00:00 and 05:00 on weekdays, between 1:00 to 7:00 on weekends, and on holidays. The payment will be applied only for those whose excess amounts are over 100,000 KRW in order not to penalize individual customers in the case of a small amount.
Why did they introduce the fee?
Payment services claim that work carried out 24 hours will be for them at a higher cost. Through this fee, they prevent the accidental withdrawal of money at night and better align the costs of maintaining 24-hour customer service for users without sacrificing their convenience.
How much is the fee?
The charges are 1%, 2%, or 3% of the withdrawal sum, based on its size. They are 1% for withdrawals between 100,000 and 500,000 KRW, 2% for 500,000-1,000,000 KRW, and 3% for over.
Reactions from users on the new charges
Quite a few users dislike the new “Cash out 24-hour information usage fee” and say that it punishes needs in an emergency. But, keeping costs in control for 24×7 support is the main reason.
Exceptions and waivers that may apply in some cases
They can be done away with charges through appeal in exceptional cases such as proof of hospitalization. Those with financial handicaps may also appeal to waive the fees, which will be done based on the case involved.
Review information usage fee for possible revision.
Payment service providers are open to a review regarding user response to the new charge. They might do so by making small timing and amount adjustments based on the pattern of usage and costs in the future over the next six months.
Tips to avoid the extra charges
Users can schedule cash withdrawals during the day to avoid the extra charges. They are also advised to use other tax-free methods for emergency funds instead of last-minute cashouts.
Final Thoughts
Korea’s primary global payment services have introduced a new 24시간 정보이용료 현금화 to balance the costs of 24/7 operations while maintaining convenience for users. While some users are unhappy with the extra charges, others understand the need for platforms to control costs. The fees are aimed at curbing unnecessary late-night transactions while exempting occasional emergency use. The new policy seeks to strike a balance between user experience and business viability. Payment services have indicated openness to review user feedback and change the fees based on usage patterns over time.
