Terms and Conditions for the Use of Travel Wallet Open Banking Service
Article 1 (Purpose)
The purpose of these Terms and Conditions is to define the rights and obligations between Travel Wallet Co., Ltd. (hereinafter referred to as the “Company”) and the user, and the matters related to procedures for using the Open Banking Service (hereinafter referred to as the “Service”), which is a part of the Travel Wallet services provided by the Company.
Article 2 (Definitions)
① The definitions of terms used in these Terms and Conditions are as follows:
- “General Terms” refers to the “Travel Wallet Terms of Use,” which the Company establishes and maintains to define the rights, obligations, responsibilities, service usage procedures, and other necessary matters between the Company and the user in relation to the use of Travel Wallet services.
- “Open Banking System” refers to the system established by Korea Financial Telecommunications & Clearings Institute (hereinafter referred to as “KFTC”) and participated in by financial institutions, through which financial services are provided in a standardized format.
- “Open Banking Service” refers to the services provided by the Company to the user through the Open Banking System as part of the Travel Wallet services under these Terms and Conditions. The detailed contents of the Open Banking Service are defined in Article 5 of these Terms and Conditions.
- “User” refers to a person who has entered into a general service agreement with the Company and is provided with Open Banking Services under Article 3.
- “Website” and “Mobile Application” refer to the website and mobile application through which the Company provides the Travel Wallet services, unless otherwise specified.
- “Electronic Document” means information that is prepared, transmitted, received, or stored electronically pursuant to Article 2, Paragraph 1 of the Framework Act on Electronic Documents and Transactions.
- “Financial Institution” refers to banks and other financial institutions that participate in the Open Banking System.
② Unless otherwise defined in this Article or in other provisions of these Terms and Conditions, the definitions of terms shall follow the relevant laws and regulations.
Article 3 (Conclusion and Termination of the Service Agreement)
① The service agreement for the use of the Open Banking Service (hereinafter referred to as the “Service Agreement”) between the Company and the User shall be concluded when the person who wishes to become a user (hereinafter referred to as the “Applicant”) applies for subscription in the manner prescribed by the Company, and the Company accepts such application.
② The Company may refuse to accept the service application, or even after acceptance, may restrict the use of the Service or terminate the Service Agreement in the following cases:
- If there are any false, omitted, or erroneous details in the information provided by the Applicant at the time of application, or the Applicant fails to meet the Company’s required criteria;
- If the Applicant has a record of disqualification or suspension of use in relation to the Open Banking Service or other Travel Wallet services;
- If the service environment does not meet the standards set by the Company or if technical limitations make it impossible to provide the Service;
- If the name on the application does not match that of the Applicant;
- If the application is a duplicate application by an already registered user;
- If the Applicant is under the age of 14;
- If the application is made under a corporate name;
- If there are statutory grounds or authority to refuse the application under applicable laws.
③ The Company may require the User to fulfill certain conditions necessary for using the Open Banking Service, including verification under Article 7. If the User fails to comply, the Company may restrict all or part of the Service.
④ Unless otherwise specified, “termination” in these Terms and Conditions refers only to the termination of the Service Agreement. The general service agreement between the User and the Company regarding Travel Wallet services shall be governed by the General Terms.
⑤ The User may request termination of the Service Agreement at any time, and the Company shall process such request without delay in accordance with applicable laws. Termination of the Open Banking Service shall be made through the method provided by the Company on the Website or Mobile Application (e.g., withdrawal menu). The Company may also terminate the Service Agreement in accordance with these Terms and Conditions.
Article 4 (Presentation, Explanation, and Amendment of the Terms and Conditions)
① The Company shall post these Terms and Conditions on the Website and the Mobile Application so that Users can be aware of their contents.
② If requested by the User, the Company shall provide a copy of these Terms and Conditions via electronic document transmission (including email) or by facsimile.
③ If the User requests an explanation of the contents of the Terms and Conditions, the Company shall provide an explanation of the key contents of the Terms and Conditions to the User using one of the following methods (the method of explanation shall be at the Company’s discretion):
- Directly explaining the key contents of the Terms and Conditions to the User;
- Displaying the key contents of the Terms and Conditions in a way that is easily understandable through an electronic device and obtaining confirmation from the User through such electronic device that the contents have been fully recognized.
④ When the Company amends these Terms and Conditions, it shall notify the User by posting the revised Terms and Conditions on the Website or Mobile Application at least one month prior to the effective date. However, if the Terms and Conditions are amended urgently due to changes in law, the revised Terms and Conditions shall be posted on the Website or Mobile Application for at least one month, and the Company shall notify the User afterward by email or other means.
⑤ When providing notice or announcement under Paragraph 4, the Company shall include a statement to the effect that “If the User does not agree to the amendment, the User may terminate the agreement until the business day before the amended Terms and Conditions take effect. If the User does not express an intent to terminate, the User shall be deemed to have agreed to the changes.”
⑥ The User may terminate the Open Banking Service Agreement at any time from the time the amended Terms and Conditions are posted or notified until the business day before the amended Terms take effect.
Article 5 (Types of Open Banking Services)
① The Company provides the following services to Users through Open Banking joint operations:
- Balance inquiry service
- Transaction history inquiry service
- Account holder name verification service
- Withdrawal transfer service
- Deposit transfer service
- Other services designated by the Company
② The services under Paragraph 1 are limited to financial institutions that the Company has announced in advance as service targets, and the Company may vary the contents of the services provided depending on the financial institution. The Company shall provide separate guidance on the applicable financial institutions and the services provided by each through the Website and the Mobile Application.
③ The Company may add to or change the Open Banking Services provided to Users if necessary, and in such cases, shall give prior notice to the Users.
Article 6 (Service Hours of Use)
① The Company shall, in principle, provide Open Banking Services to Users from 00:05 to 23:55 each day. However, the service hours may vary depending on the circumstances of financial institutions, KFTC, or other components of the Open Banking System.
② If it becomes unavoidable to suspend the Open Banking Service due to maintenance, inspection of information and communication facilities, technical needs, or circumstances related to financial institutions, KFTC, or other components of the Open Banking System, the Company may temporarily suspend the Service after posting a notice of the suspension on the Mobile Application at least three (3) days in advance.
However, in cases of system failure recovery, urgent program maintenance, or other unavoidable external factors, the Service may be suspended without prior notice.
Article 7 (Authentication)
The Company may determine authentication methods in consideration of the type, nature, risk, and security level of the Open Banking Service, and may apply separate authentication measures if necessary.
Article 8 (Registration of Accounts for Use)
① In order to use the Open Banking Service, the User must register an account.
② Account registration shall be conducted through the Mobile Application or other methods designated by the Company.
③ To inquire about balances and transaction history, the User must consent to the provision of information in accordance with applicable laws such as the Act on Real Name Financial Transactions and Guarantee of Secrecy. Such consent under this paragraph shall be provided through the method designated by the Company via the Mobile Application or other means.
④ The User may withdraw consent to the provision of information and registration of the account under this Article. The Company shall provide a method for withdrawal through the Mobile Application or other means.
Article 9 (Transfer Targets and Withdrawal Limits)
① The target of transfer services is limited to cash.
② The daily limit for transfer services on the User’s account shall be the lesser of the limit set by the operating organization or the limit set by the Company.
③ If the available balance in the withdrawal account is less than the requested transfer amount, the transfer transaction may be restricted. In addition, transactions may be restricted in accordance with the standards set by the bank of the withdrawal account, such as legal restrictions like payment suspension or financial transaction limit accounts.
Article 10 (Protection of Personal Information)
① The Company shall not provide or disclose to a third party, or use for purposes other than business, any information or data acquired in the course of providing the Open Banking Service—such as the User’s personal details, account information, access media, or electronic financial transaction records and history—unless required by applicable laws or with the User’s consent.
② The Company shall operate a privacy policy to protect the User’s personal information and ensure safe use of the Open Banking Service. The Company’s privacy policy can be found on the linked page of the Website or Mobile Application.
Article 11 (Fees)
① The Company may charge the User fees for use of the Service.
② The Company may provide notice regarding applicable fees by posting such information on the Mobile Application or Website.
③ If the User does not agree to a change in fees, they may terminate the Service Agreement at any time. If the User does not express any intention otherwise, the Company may deem the User to have consented, and apply the revised fees from the effective date.
Article 12 (Restriction of Services)
The Company may restrict all or part of the Open Banking Service under any of the following circumstances:
- Where providing the Open Banking Service to the User is prohibited or considered unlawful under applicable laws, or there is a reasonable basis to determine so;
- Where there is a reasonable basis to determine that the User is using the Open Banking Service in an abnormal manner;
- If any of the grounds in Article 3, Paragraph 2 apply (in such cases, the Company may restrict the Service regardless of whether the Service Agreement is terminated);
- Where there is no consent to provide information (including cases of withdrawn consent), or the legal requirements or procedures set by the Company necessary to provide the Open Banking Service are not fulfilled;
- Where there is any other reasonable basis for the Company to deem it necessary to refuse provision of the Open Banking Service to the User.
Article 13 (Liability of the Company)
① The Company shall be liable to the User within the scope recognized by law for damages caused by the Company’s intentional or negligent acts.
② The Company shall not be held liable for any issues arising in relation to the Open Banking System or the financial institutions participating in the Open Banking System.
Article 14 (Dispute Resolution Procedure)
① If the User has any objections regarding the Open Banking Service, they may file a request for dispute resolution with the Company in writing (including electronic documents) or using an electronic device.
② The Company shall designate a dispute resolution officer and staff in charge of resolving disputes related to the Open Banking Service, and inform Users of their contact information via the Website or Mobile Application.
③ The Company shall notify the User of the results of the investigation or resolution of the dispute within 15 days of receiving the request under Paragraph 1.
④ If the User has an objection related to the Service, they may also apply for dispute mediation to the Korea Consumer Agency’s Consumer Dispute Mediation Committee under the Framework Act on Consumers or seek legal dispute resolution procedures under applicable laws.
Article 15 (Governing Law and Jurisdiction)
① These Terms and Conditions shall be governed by the laws of the Republic of Korea.
② Unless otherwise stipulated by law, disputes arising in connection with these Terms and Conditions shall be subject to the jurisdiction as prescribed by the Civil Procedure Act.
Article 16 (Obligation to Ensure System Stability)
① The Company shall comply with the standards set by KFTC and other supervisory authorities under applicable laws regarding personnel, facilities, and electronic devices necessary for the electronic transmission and processing of the Open Banking Service to ensure its secure operation.
② Except for cases where the Company has specified reasons for service suspension, the Company shall provide continuous and stable service to Users in accordance with these Terms and Conditions.
③ If service suspension is necessary, the Company shall provide prior notice to Users. In the event of unexpected service failure, the Company shall promptly restore the service.
Article 17 (Disclaimer)
The Company shall not be liable for damages resulting from transactions made with the User’s consent in connection with this Service. However, if the Company is at fault due to intent or negligence, it shall bear partial or full liability.
Article 18 (Requests, Notifications, etc. to the Company)
If the User wishes to make any requests or notifications to the Company under these Terms and Conditions, they shall do so using the following contact information. However, if a specific clause limits the method of notification or provides separate contact information, that shall prevail.
- Address: 5th and 6th Floor, Youngpoong Building, 542, Gangnam-daero, Gangnam-gu, Seoul
- Email: support@travel-wallet.com
- Phone number: 02-522-0400
Article 19 (Relationship with Other Agreements, etc.)
① If there are separately agreed matters between the Company and the User that differ from the provisions of these Terms and Conditions, such agreements shall prevail.
② Matters not provided in these Terms and Conditions shall still be governed by the General Terms in relation to the Open Banking Service.
③ If there is a conflict between these Terms and Conditions, the General Terms, or any other applicable agreements between the User and the Company, the provisions of these Terms and Conditions shall take precedence with respect to the Open Banking Service, and all terms shall be interpreted in a way that avoids contradiction and promotes harmony.
Addendum
These Terms and Conditions shall take effect on June 20, 2025.