CREFIA Revises Standardized Agreements for Handy ePayment Services Acceptance

September 3, 2014 (Wed): The Credit Finance Association of Korea (CREFIA) last week announced that it will revise the affiliates’ standardized agreements in order for a payment gateway to collect and keep cardholders’ credit card information, Korea Bizwire reported. The revision will help to advance the online payment transaction for the Korea’s e-commerce by allowing online shopper can make online payments with their username and password.

According to the report, CREFIA submitted the revised version of standardized agreements to Financial Services Commission (FSC) on 28 August 2014 and it will take effect as early as October this year.