Country Survey: South Korea

Korean retail competitor, Home Plus, introduced digital gift cards in association with HID global in 2010. The program allowed customers to customize cards by adding text and/or company logos. Digital gift cards have remained popular and are expected to be an important driver of the prepaid cards category going forward. Many credit card companies calculate your interest based on your average daily balance throughout the month. If you are making smaller payments during the month, you will slightly lower your average balance. 소액결제 현금화 are smaller payments you make to the credit card company throughout the month.

The period of first assessment as well as periodicity of assessment may be decided on a case to case basis by the Department, depending on the credentials of payment system / entity and the sector in which it operates. 18.3 The access criteria at the time of application for authorisation to set up various payment systems is tabulated below. Further, if RBI refuses the authorisation under section 7 of the PSS Act, a refusal letter stating the reasons for refusal is sent to the entity which is given a reasonable opportunity of being heard. Such other matters as are deemed necessary for the effective regulation and supervision of payment systems. 17.4 Two Executive Directors nominated by the Chairperson and the Principal Legal Adviser in RBI are permanent invitees to the meetings of BPSS.

The committee reports serve as guiding tools for framing regulations on specific issues. Industry consultation along with inter-regulatory and intra-regulatory coordination groups are made use of for broader areas involving cross-sectoral / cross-border issues which require consultative approach. 15.6 A few clearing institutions send net transfer information to settlement institutions several times a day in batches for processing which are called MNSB files. NEFT settlement works on net-settlement in batches, with 48 batches of settlement over a span of 24 hours, the first and last batches taking place at 0030 hours and midnight, respectively.

Novation occurs at the point in time when the trade is accepted for guaranteed settlement and the net amount payable to or receivable from CCIL in each currency is arrived at, member-wise, following the multilateral netting procedure. Clearcorp Dealing Systems Limited was set up in June, 2003 to provide dealing systems / trading platforms for repo, tri-party repo, money market instruments and forex exchange transactions. The subsidiary was set up to separate the risk bearing activities of CCIL viz., clearing and settlement from its dealing activities. 12.2 Nepalese citizens staying in India can avail of this service either as walk-in customers or as account holder and can remit up to ₹ 50,000 from any of the NEFT enabled bank branches in India.

Now, the customer can use the web service provider until the service responds with an error message about exceeding the limit. To enable charging, the customer must provide a unique identifier that the web service provider can use for billing, often referred to as a “”ticket.”” The authentication / limiting engine forms part of the software service described above, allowing the customer to set limits and other limits.

These entities are, however, required to submit, on an annual basis, a System Audit Report of their entire systems, including the domestic infrastructure. RBI continuously engages with these entities to ascertain gaps, if any, in their risk assessments. 18.4 RBI adopted a PoA and PM framework with a view to promote efficiency of payment systems.

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