By Han Jun-gu and Kim dong-wooPosted : July 25, 2024, 18:30Updated : July 26, 2024, 09:02
SEOUL, July 25 (AJU PRESS) - Over 700 customers received refunds after waiting up to six hours at WeMakePrice's headquarters in Seoul on Thursday, as the e-commerce platform struggles to manage a growing payment crisis.
WeMakePrice and Tmon have been delaying settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the sites. Damages are estimated to exceed 100 billion won ($72.23 million).
The crisis stems from a liquidity crunch involving their Singapore-based parent company, Qoo10.
Payment gateway companies have suspended credit card transactions, blocking both new purchases and cancellations for existing transactions.
WeMakePrice began processing refunds for affected customers late Wednesday night. The company apologized and pledged full compensation for both sellers and consumers.
Customers demand refunds at WeMakePrice's headquarters in southern Seoul on July 25, 2024. AJU PRESS Han Jun-gu
A customer fills out a refund application form at WeMakePrice's headquarters in southern Seoul on July 25, 2024. AJU PRESS Han Jun-gu
Customers demand refunds at WeMakePrice's headquarters in southern Seoul on July 25, 2024. AJU PRESS Han Jun-gu
Customers wait for refunds at WeMakePrice's headquarters in southern Seoul on July 25, 2024. AJU PRESS Han Jun-gu
Customers wait for refunds at WeMakePrice's headquarters in southern Seoul on July 25, 2024. AJU PRESS Han Jun-gu
Customers wait in front of the TMON office building in southern Seoul on July 25, 2024. AJU PRESS Kim Dong-woo
Customers wait in front of the TMON office building in southern Seoul on July 25, 2024. AJU PRESS Kim Dong-woo
Han Jun-gu and Kim dong-woojungu141298@ajupress.com