Samsung Card withdrew its hold on payments after Homeplus Co. pushed back. However, Hyundai Card point payments remain suspended.
Homeplus Co. on the 6th demanded the immediate withdrawal of notices from Hyundai Card and Samsung Card to withhold payments to offline merchants, saying the move was unjust after the Seoul Bankruptcy Court's decision to terminate rehabilitation proceedings.
The notice was said to state that the company would terminate the Homeplus Co. online mall point partnership agreement and, to process unpaid receivables and canceled sales both online and offline, implement a hold on payments to offline merchants and set-offs.
A Homeplus Co. representative said, "The decision to terminate rehabilitation proceedings takes effect only when it is 'finalized,'" and added, "If an appeal is filed within 14 days from the date of the public notice, the rehabilitation proceedings continue." The representative added, "It is an unjust act for the card company to withhold payments to offline merchants on the grounds of the decision to terminate rehabilitation proceedings."
In response, Samsung Card said, "Cancellations of card sales surged after the decision to terminate rehabilitation proceedings," and added, "We withheld payments to protect customers." However, it said, "The trend in sales cancellations has since stabilized," and added, "Starting tomorrow, we will pay merchants as normal."
Hyundai Card said, "We are currently paying merchant settlements to Homeplus Co.," and added, "We only conveyed a policy to offset in the event of sales cancellations at Homeplus Co., and payments were made today as well." However, it said, "It is true that we ended the point partnership service to protect customers, considering the potential for harm from point payments."