Homeplus has resumed operations, prompting card companies to normalize payments for card sales that had been on hold. However, some funds remain frozen due to a partial seizure of payment claims by suppliers who have not received their payments from Homeplus.
According to the financial sector on August 17, most card companies lifted their payment hold around the time Homeplus officially reopened on August 13. Following the resumption of operations, sales and customer traffic have increased, leading to the decision to release previously withheld payments. On the first day of reopening, Homeplus reported sales of 10.628 billion won, a 1.2% increase compared to the same period last year. The number of customers visiting its 67 offline stores also rose by 15% during this time.
Previously, the card industry had suspended payments for canceled transactions after Homeplus temporarily halted operations at all its stores starting July 13. This measure was taken to minimize potential losses for card companies due to the risk of large-scale cancellations and refunds resulting from the shutdown.
Under the current system, when a customer makes a payment, the card company initially pays the merchant and later collects the funds from the customer. If a payment is canceled, the card company processes the refund to the customer and must then recover the amount from the merchant.
In a situation where merchants are facing financial difficulties, a large number of refunds could pose a risk to card companies, preventing them from timely recovering the funds they have disbursed. Card companies had previously experienced this risk during the 'Timon-Wemep' settlement issue, prompting them to proactively manage risks this time.
However, some suppliers who have not received payments from Homeplus have placed a partial seizure on the payment claims from card companies, resulting in some payments still being withheld. The scale of the seizure is reportedly not significant enough to impact Homeplus's operations.
The resumption of issuing Homeplus partnership cards and related services will be determined based on future developments. Although Homeplus has reopened, the direction of its rehabilitation process has yet to be decided. The deadline for the approval of Homeplus's rehabilitation plan is September 4. The plan must receive creditor consent and court approval to continue the rehabilitation process. If the plan is not approved, the rehabilitation process may be terminated and bankruptcy proceedings could commence.
Currently, KB Kookmin Card and Shinhan Card have suspended the issuance of new Homeplus partnership cards. Shinhan Card is reviewing the possibility of resuming new issuances following the reopening, but no decisions have been finalized. Hyundai Card has ended the M-point usage service previously offered on the Homeplus online mall, while Hana Card has adjusted its membership benefits related to Homeplus.
An industry insider stated, "As of now, there are no significant changes regarding the suspension of product issuance. We plan to review and respond in various ways to protect the rights of financial consumers based on the future operational status of Homeplus and market conditions."
* This article has been translated by AI.
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