Smilegate announced on the 20th that it has established the StovePay corporation and completed the registration for the issuance and management of prepaid electronic payment instruments.
StovePay issues and manages the prepaid electronic payment instrument "Stove Cash," which can be used on Smilegate's game platform, STOVE, and operates payment services that allow users to make transactions using this instrument.
To provide prepaid payment services, it is mandatory to register as a prepaid business under the Electronic Financial Transactions Act unless exempted from registration.
According to Smilegate, StovePay has passed the Financial Supervisory Service review related to its prepaid business registration and received final approval.
Smilegate is also considering applying for electronic payment agency (PG) registration to improve the quality of payment services on the "Stove" platform in the future.
Song Min-cheol, representative of StovePay, said, "We will provide a reliable service for all users and merchants using the Stove platform so they can use StovePay services with confidence," and added, "We plan to thoroughly comply with the Electronic Financial Transactions Act while gradually developing StovePay's specialized areas to grow the business."