◈ Terms of Use for Lordsystem Zero Pay Service

 

 

 

Article 1 (Purpose)

This Terms of Use aims to define the rights, obligations and responsibilities between the Company and the Member and other necessary matters in connection with the use of the Lordsystem Zero Pay service provided by Lordsystem Co., Ltd.

 

Article 2 (Definition of Terms)

① The terms used in these Terms of Use have the following meanings.

1.      ‘Application’ means all smart phone applications provided by the company for using 'Lord Pay' on mobile to send money between 'Members' and to receive goods and services in the 'Member store' or to use 'Services'

2.     'Service' means Easy Payment Service where “Members” are given prepaid electronic payment means without the need for physical medium such as credit cards via “Lord Pay” and can use it in online (including mobile) and offline “Member store”

3.     "Members" mean customers who have installed 'application' on 'mobile device', verified phone number and registered the account number and 'payment password' according to these Terms of Use and are using the ‘application’ normally. “Member” refers to customers who use “service” by applying for “service” in the application and signing “service” usage agreement with “company” through consent of “company”.

4.     'Lord Pay' refers to a prepaid electronic payment method that 'member' can charge by using various means such as direct charging (including 'purchasing') or receiving from other 'member'.

5.     The term “mobile device” means a smartphone of your name using a mobile communication network.

6.     'Payment method' means a payment method that 'member' can select when purchasing or using goods and services electronically using 'services' and is a generic term for barcode, NFC, QR code, etc.

7.      “Member store” refers to a company that sells and provides products and services online and offline, and allows “members” to make payments through “services”.

8.      “Operating company” refers to an entity that manages and operates “Services” and signs Member Store contracts with “Member store” on behalf of participating organizations.

9.      “Points” means points that are paid to “member” free of charge based on the policy of “company”, such as when a member purchases a product at a “Member store” or participates in an event.

10.   "Payment password" is an authentication method required when using "Service" and is a combination of letters and numbers that is defined in advance by “member” after confirming that member is him/herself.

② The terms used in these Terms of Use that are not defined in the preceding paragraph, shall be as defined by relevant laws and regulations such as the Company's terms of use for electronic financial transactions and the Electronic Financial Transactions Act, and others will follow general commercial practices.

 

Article 3 (Types of service and method of use)

① The services provided by the "Company" are as shown in the following items, and can be added, changed, or restricted as necessary. In order to use the service, the membership application must be completed and one shall become a member according to the method specified in Article 2, Paragraph 1, item 2.

1.     Online (including mobile) and offline payment services

2.     Usage inquiry service

3.     Other services provided by the ‘company’

②  ‘Member’ can use ‘service’ provided by ‘company’ through ‘application’.

③ The 'payment password' required to use the 'service' can be changed through separate identity verification in the member information of the 'application'.

④ When "member" purchases goods and services in online (including mobile) and offline "Member store" and wants to make a payment via mobile, it will be done by using the electronic means of payment (barcode, NFC, QR code, etc.) in the "Service" after entering "payment password". In addition, ‘member’ should confirm the validity of payment by checking the purchase / payment details stated in ‘service’ at the time of payment.

⑤ If ‘member’ wants to check the payment history, it can be checked on the usage history screen in ‘Service’.

 

Article 4 (Application and Acceptance of Use)

① "Service" usage application is only possible for customers who have installed "application", and the ‘company’ validates application for ‘service’ by entering the ‘payment password’ set in ‘application’.

② If the validity is verified through the above procedures and does not fall under Articles 5 and 6, the Company will immediately accept the member's application to use the Services.

 

Article 5 (Restriction on Acceptance of Application for Use)

① The “Company” may refuse to accept the “Service” application if there is a reason that falls under any of the following items.

1.     When a person under the age of 14 applies for usage

2.     If there are any false statements, omissions, or typographical errors when applying for "Service" subscription

3.     If it is technically impossible to provide a ‘service’

4.      If it is determined that the “mobile device” has security problems (including hacking the system and acquiring administrator rights)

 

Article 6 (Restriction on Use of Service)

If “member” falls under any of the following items, “company” can restrict the use of “service” of “member” where the reason occurred.

1.     When "payment password" is entered wrongly 5 or more times in a row

2.     When the usage limit is exceeded once a day

3.     If the status of the ‘service’ account in ‘member’ falls under any of the following.

               i.         Account reported for accident

              ii.         Account legally restricted for payment

             iii.        Account with insufficient payable balance (Loan commitment account includes unused balance)

             iv.        Account with balance certificate issued on the day of issue

              v.         Account registered for electronic financial transaction restrictions

4.     If "Member" intentionally or grossly interfered with the operation of the "service" of the "company."

 

Article 7 (Clarification of responsibility for unauthorized registration and use)

① When a third party other than "member" forges or alters "Service" and damage is caused to "member", “Company” bears responsibility. However, when “Company” proves intentional or serious negligence of “member” corresponding to the following items, a “member” can bear some or all of the responsibility.

1.    Exposing account number, payment password, etc. to third party 

2.   Provision of mobile device for the purpose of lending, transferring or collateralizing

 

Article 8 (Service suspension and disclaimer)

① The “Company” may temporarily suspend or restrict the provision of “Service” if there is a reason that falls under any of the following items.

1.     When it is difficult to provide normal "service" due to maintenance, upgrade, inspection, replacement, failure, communication failure, hacking, etc. of Information communication equipment such as computers

2.     When there is a problem in normal use of 'services' due to power outages, failure of facilities or congestion

3.     In case of failure of the KFTC payment system

② If the Company wishes to suspend or limit the use of the Service for the reasons mentioned in the preceding paragraph, the Company shall notify the member in advance of the reason and contents three days prior to the suspension of the Service. However, if there is an urgent need to suspend or limit the use, it can announce or notify after the fact.

 

Article 9 (Cancellation of Payment)

① If "member" wants to cancel the transaction agreeing with "Member store" for reasons of return, cancellation, etc., “Member” can request cancellation or refund of transaction to “Member store”, and if the transaction is confirmed to be canceled, the "Member store" will either cancel the payment or refund it to "Lord Pay" of "member".

② Requests related to cancellations and refunds for member from “Member store” in the previous paragraph can be made within 90 days from the payment date of original transactions.

③ If “member” requests cancellation or refund of transaction from “company” or “Member store”, the “Member store” will, after the receipt, process cancellations and refunds based on the cancellation and refund procedures established between “Member store” and “operating company” or process refunds directly under the responsibility of the “Member store”. At this time, the "company" will cooperate to allow the "member" cancellation and refund request to be passed to the "Member store".

④ The cancellation and refund policy for payments between the "Member store" and the "operating company" in paragraph 2 will be posted separately on the company's homepage or "application" so that ‘member’ knows.

 

Article 10 (Deposit of payment for transaction)

① When “member” makes a payment using “service” from “Member store”, the usage fee is deducted from “Lord Pay” of “member”.

② “Member” can cancel the transaction by agreeing with “Member store” for reasons such as cancellation of payment and refund, and the related cancellation amount will be immediately refunded to “Lord Pay” within 7 business days of “company” from the date of cancellation.

 

Article 11 (Disputes with Users)

"Company" is responsible for ensuring that "member" can use "service" smoothly and safely, but it does not guarantee goods and services traded as a commercial transaction between "member" and "Member store" through "service", and in the event of a dispute arising from this, it will be resolved in principle between "member" and "Member store" However, if a “member” requests a cancellation or refund of transaction from a “Member store” for a transaction that has already occurred, the “Company” will actively cooperate to process the information.

 

Article 12 (Use limit)

“Service” use limit is shown in the following table.

One-time payment limit (no name)	One-time payment limit (name)	1 day payment limit
500 thousand won	2 million won	200 million won

 

Article 13 (Obligations of the Company)

① The company doesn't engage in acts prohibited by applicable laws, regulations and these Terms of Use or are contrary to good customs and other social order, and does its best to make 'member' use the service consistently, stably and conveniently.

② 'Company' must manage the information of 'member' according to the related laws and the details are based on the "Privacy Policy" of the Company. "Company" posts details of the "Privacy Policy" separately on the internet homepage and "application" so that "member" can check it.

 

Article 14 (Obligations of the member)

① ‘Member’ should ensure that information such as account number and payment password is not disclosed to third parties.

② The ‘member’ should immediately notify the ‘company’ if it recognizes that their name has been impersonated or that the ‘service’ has been used fraudulently by a third party.

③ "Member" may be responsible for any or all liability arising out of intentional or gross violation of the obligations of this article.

 

Article 15 (Service Hours)

The service hours are 24 hours a day, 7 days a week unless there are special restrictions on the company's business or technology. However, depending on the type and content of the 'Service', some 'Service' may set a separate service hours, and details will be posted separately on the 'Company' homepage or 'Application.'

 

Article 16 (Cancellation)

① "Member" who wants to cancel the "Service" can apply for "Service" contract cancellation on the "Service" member information screen, and the cancellation will take effect when the cancellation process of "Company" is completed.

 

Article 17 (Compensation for Damages and Disclaimers)

① After receiving notification of loss or theft of access media from “member”, “Company” will compensate for any damages caused by third parties using the access media.

② When the incident occurs due to the forgery or alteration of the access medium provided by the Company, or the incident during the electronic transmission or processing of the contract or transaction order, the “Company” is responsible for compensating the damage.

③ Notwithstanding the provisions of paragraphs 1 and 2, if the Company proves the intentional or gross negligence of the member in the following subparagraphs, member shall bear the responsibility.

1.     Information leakage such as account number and payment password

2.     Provision of access media for lending, transfer or collateral purposes

3.     'Member' exposes or neglects his or her access media, even though he / she knew or could readily know that a third party could use the member's access media for Electronic financial transactions without permission.

④ Article 11 (Company's Responsibility) of The Company's terms of use for electronic financial transactions shall apply to matters other than the provisions of Clauses 1, 2 and 3.

 

Article 18 (Provision of Information)

① If the Company notifies the member of any notices relating to the operation of the Services, it shall be posted on the Internet homepage of the Company or on the notice of the application, in addition, 'member' is notified by phone, email (E-mail), short message service (SMS), multimedia message service (MMS), PUSH message, etc. assigned or registered to the 'company'.

② Notwithstanding paragraph 1, if the Company needs to notify an unspecified number of members, it can be replaced with individual notification by publishing the fact on the “Service” screen of “application” for 7 days or more.

③ The Company may post other information on the Internet homepage of the Company or the application.

Article 19 (Fees)

This "Service" is a prepaid electronic payment service that does not incur any fees borne by "member."

 

Article 20 (Effects and Changes of Terms of Use)

① The contents of this Terms of Use shall be posted on the “Service” screen and announced to “member”, and it becomes effective when a member who agrees with this joins the Service.

② For matters other than the provisions of the preceding paragraph, Article 3 of the Company's terms of use for electronic financial transactions (clarification and change of Terms of Use) shall apply.

 

 Article 21 (Responsibility for Violation of Terms of Use)

"Company" and "member" are each responsible for any liability arising from any violation of these Terms of Use, and shall compensate for any damage caused to the other party.

 

Article 22 (Application of Terms of Use)

Matters not set forth in these Terms of Use shall apply to the Electronic Financial Transactions Act, Company's terms of use for electronic financial transactions, and other individual terms of use.

 

Article 23 (Governing Law and Jurisdiction)

① Matters pertaining to these Terms of Use shall be governed by the laws of the Republic of Korea.

② If there is a dispute related to the use of this Service, it will be settled by consultation between the parties, and if the dispute is not resolved even after consultation, it will be determined according to the Civil Procedure Law.

 

Supplementary provisions

Article 1 (Effective Date) These Terms of Use will be effective from October 1, 2019.