Established on October 1, 2022

These terms and conditions are intended to establish matters regarding product usage conditions and procedures between Korea Payment Service product users and Korea Payment Service Co., Ltd. (hereinafter referred to as "Korea Payment Service").

Article 1 (Definition of Terms)

① Korea Payment Service products (hereinafter referred to as "Products") refer to products that provide or relay information through "Korea Payment Service" and are products specified in the "Korea Payment Service Product Application Form".

② "User Institution" refers to companies, corporations, organizations, etc. that agree to these terms and conditions and submit the "Korea Payment Service Product Application Form" to use the "Products".

Article 2 (Amendment and Effectiveness of Terms)

① These terms and conditions become effective when "Korea Payment Service" approves the membership after "User Institution" submits the Korea Payment Service Product Application Form (hereinafter referred to as "Application") to "Korea Payment Service".

② "Korea Payment Service" may amend these terms and conditions within the scope that does not violate related laws and regulations such as the Act on Regulation of Terms and Conditions and the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc., when there are reasonable grounds, and in this case, the amended content shall be posted on the Korea Payment Service website (https://www.koreapays.co.kr) for one month before the effective date of the amended terms.

③ In the case of Paragraph 2, if "User Institution" does not express refusal by the day before the effective date of the amended terms or if "User Institution" continues to use the "Products", it shall be deemed to agree to the amended terms. If "User Institution" does not agree to the application of the amended terms, "User Institution" or "Korea Payment Service" may terminate this contract.

④ Matters not specified in these terms and conditions and the interpretation of these terms and conditions shall follow the Act on Regulation of Terms and Conditions, other related laws and regulations, or commercial practices.

Article 3 (Product Use and Contract Termination)

① "User Institution" may use the products from the date notified by "Korea Payment Service" after preparing and submitting the "Application", and the usage time may be separately determined by "User Institution" and "Korea Payment Service".

② The validity period of this contract is one year from the date "Korea Payment Service" approves the "Application" submitted by "User Institution", and if neither party notifies the other party in writing of the termination of this contract (termination) by one month before the expiration of the validity period, it shall be deemed to be automatically extended by one year under the same conditions.

③ "Korea Payment Service" may immediately suspend or terminate this contract without notice when "User Institution" falls under any of the following cases, and the counterparty shall lose the benefit of time for all debts:

1) When engaging in acts that hinder the sound use of "Products"

2) When bills or checks are dishonored

3) When attachment, provisional disposition, seizure, auction, tax collection disposition, other compulsory execution, or bankruptcy, preservation disposition under the Corporate Reorganization Act, corporate reorganization, composition, etc. procedures are initiated or are likely to be initiated

4) When failing to comply within 7 days after being requested to correct violations of the conditions of this contract

5) When "Product" usage fees are overdue for 2 months or more

6) When it is confirmed that an application using another person's name or with false reasons has been submitted

7) When the company determines that it interferes with normal service operation

8) When it becomes difficult to perform this contract due to amendments to related laws, instructions from supervisory authorities, policy changes of information providing institutions such as banks and card companies, etc.

④ "User Institution" may terminate this contract by submitting in writing to "Korea Payment Service" when it wishes to terminate the use of part or all of the "Products".

Article 4 (Change Application)

"User Institution" must immediately apply for changes by attaching change application forms and required documents when the following matters are changed.

1) Additional subscription to "Products" and partial termination

2) "Product" usage fee withdrawal information

3) Basic information of "User Institution" (e.g., company name, address, tax invoice issuance information, person in charge, contact information, etc.)

Article 5 (Obligations of Both Parties)

① "Korea Payment Service" must comply with the following matters so that "User Institution" can smoothly use the "Products".

9) Failure handling and system operation tasks

10) Management of information providing institutions such as banks and card companies and information transmission and reception relay processing tasks

11) Other tasks necessary for "Users" to smoothly use "Products"

② "User Institution" must comply with the following matters.

1) Compliance with these terms of use

2) Payment of product usage fees by the specified date

3) Notification of changes when corporate information is changed, etc.

Article 6 (Introduction Fee and Product Usage Fee)

① "Introduction Fee" refers to the software subscription cost provided by "Korea Payment Service" for "User Institution" to use the "Products", which is charged once initially and must be deposited to "Korea Payment Service" at the time of subscription.

② "Product Usage Fee" refers to the usage fee that "User Institution" must pay while using the "Products".

③ "Product Usage Fee" consists of basic fee and per-transaction fee, and automatic withdrawal from the withdrawal account specified in the "Application" on the 10th of each month is the principle.

④ "Product Usage Fee" is applied on a pro-rata basis for the subscription month and suspension or termination month (30 days per month applies).

⑤ "Product Usage Fee" specified in the "Application" may be changed by mutual agreement between "User Institution" and "Korea Payment Service" if reasons for change occur even during the usage period.

Supplementary Provision 1

Industries Prohibited from Using Services

※ Industries restricted by the Financial Supervisory Service, card companies, and other related companies and institutions are restricted without separate procedures.

Supplementary Provision 2

Compliance with Foreign Exchange Remittance Purposes and Sanctions for Violations of the Foreign Exchange Transactions Act

[Compliance Obligation]

"Party B" (remittance applicant, user) must remit foreign currency only within the scope prescribed by the Foreign Exchange Transactions Act (hereinafter referred to as "the Act") and related laws and regulations, and must not remit foreign currency for unauthorized purposes (e.g., virtual asset/virtual currency transactions, unauthorized financial transactions, illegal money laundering purposes, etc.).

[Penalty Provisions for Unauthorized Purpose Remittances] "Party B" may be subject to criminal punishment (imprisonment, fines, etc.) in accordance with Article 29 (Penal Provisions) of the Act and other related provisions and enforcement decrees and regulations when it is confirmed that "Party B" has violated the obligations of the preceding paragraph and remitted foreign currency for purposes prohibited by laws or this contract, such as virtual asset transactions, and "Party A" (financial institution, service provider) has the right to report (report) to investigative agencies and supervisory authorities.

[Liability for Intentional and Gross Negligence]

When "Party B" causes damage to "Party A" or third parties by remitting foreign currency for illegal purposes with intent or gross negligence, "Party B" bears all civil and criminal liability.

"Party A" may take measures to suspend or terminate transactions with "Party B" when there are suspicions of violations of foreign exchange transaction laws and regulations, and may submit materials or cooperate with related agencies when necessary.

[Additional Obligations Related to Capital Transactions]

When foreign currency remittance constitutes a capital transaction, "Party B" must faithfully fulfill the reporting and permission procedures prescribed in Article 3 (Capital Transactions) of the Act and Article 7 (Prior Reporting of Capital Transactions, etc.) of the Enforcement Decree.

If this is not fulfilled or if false reports or notifications are made, criminal punishment or administrative fines may be imposed in accordance with Article 29 (Penal Provisions) and Article 30 (Confiscation, etc.) of the Act.

[Exemption and Notification Obligations]

"Party A" is not responsible for legal disputes arising when the remittance purpose, related documents, information, etc. provided by "Party B" are falsely or improperly prepared, and

"Party B" has the obligation to confirm in advance whether foreign exchange transaction regulations and other domestic and foreign financial regulations are violated when necessary.

Related Legal Basis

Article 29 (Penal Provisions) of the Foreign Exchange Transactions Act ("the Act")

Those who illegally export or import foreign currency without reporting or permission matters prescribed by law, or who violate foreign exchange transaction business, are subject to criminal punishment such as imprisonment or fines

Article 3 (Capital Transactions) of the same Act and Article 7 (Prior Reporting of Capital Transactions, etc.) of the Enforcement Decree