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ELECTRONIC FINANCIAL TRANSACTIONS ACT
CHAPTER I GENERAL PROVISIONS
조문단위인쇄
 Article 2 (Definitions)
The terms used in this Act are defined as follows: <Amended on Apr. 27, 2007; Feb. 29, 2008; Mar. 21, 2012; Jun. 1, 2012; May 22, 2013; Jun. 9, 2020>
1. The term "electronic financial transaction" means any transaction whereby a financial company or an electronic financial business entity provides financial products and services through electronic apparatus (hereinafter referred to as "electronic financial business") and users use them in a non-facing and automated manner without any direct contact with employees of the financial company or electronic financial business entity;
2. The term "electronic payment transaction" means any electronic financial transaction whereby a person providing a payment (hereinafter referred to as "payer") requires a financial company or an electronic financial business entity to transfer money to another person receiving the payment (hereinafter referred to as "payee") by electronic payment means;
3. The term "financial company" means any of the following institutions, organizations or business entities:
(a) An institution referred to in subparagraphs 1 through 5, 7 and 8 of Article 38 of the Act on the Establishment of Financial Services Commission;
(b) A specialized credit financial company established under the Specialized Credit Finance Business Act;
(c) A postal service agency under the Postal Savings and Insurance Act;
(d) A community credit cooperative and Korean Federation of Community Credit Cooperatives established under the Community Credit Cooperatives Act;
(e) Any other person prescribed by Presidential Decree, which is an institution, organization, or a business entity carrying on financial business and other finance-related business pursuant to statutes;
4. The term "electronic financial business entity" means any person who has obtained permission or whose business has been registered (excluding any financial company) pursuant to Article 28;
5. The term "subsidiary electronic financial business entity" means any person prescribed by the Financial Services Commission established under Article 3 of the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the "Financial Services Commission"), who assists in electronic financial transactions; or vicariously performs the part of such transactions for a financial company or an electronic financial business entity; or who operates a payment gateway system;
6. The term "payment gateway system" means any financial data processing system that deals with business affairs relating to the settlement of accounts and payments by transmitting electronic financial transaction information between a financial company and an electronic financial business entity;
7. The term "user" means any person who conducts an electronic financial transaction under a contract concluded with a financial company or an electronic financial business entity for facilitating electronic financial transactions (hereinafter referred to as "electronic financial transaction contract");
8. The term "electronic apparatus" means any apparatus used to transmit or process electronic financial transaction information by electronic means, such as a cash dispenser, automatic teller machine, debit terminal, computer, telephone, or other devices that transmit or process information by electronic means;
9. The term "electronic document" means any information prepared, transmitted, received or stored pursuant to subparagraph 1 of Article 2 of the Framework Act on Electronic Documents and Transactions;
10. The term "means of access" means any of the following means or information which is used to issue a transaction request in electronic financial transactions or to secure the authenticity and accuracy of users and the details of such transaction:
(a) An electronic card or other electronic information equivalent thereto;
(b) Digital signature generation information under subparagraph 3 of Article 2 of the Digital Signature Act and certificates under subparagraph 6 of the same Article;
(c) A user number registered with a financial company or an electronic financial business entity;
(d) Biological information of users;
(e) A password required to use the means or information referred to in item (a) or (b);
11. The term "electronic payment means" means an electronic funds transfer, electronic debit payment means, electronic prepayment means, electronic currency, a credit card, an electronic bond or other means of payment by electronic means;
12. The term "electronic funds transfer" means any transfer of funds by any of the following methods from an account opened with a financial company or an electronic financial business entity (limited to any account linked to a financial company; hereinafter the same shall apply) to another account through electronic apparatus for the purpose of transferring funds between a payer and a payee:
(a) A payment request made by a payer to a financial company or an electronic financial business entity;
(b) A collection request made by a payee (hereinafter referred to as "collection transfer") to a financial company or an electronic financial business entity;
13. The term "electronic debit payment means" means any certificate (excluding any certificate available for loans), or information on such certificate, issued by a financial company or an electronic financial business entity to simultaneously supply goods or services and pay their prices by the method of transferring funds from the account of a financial company between a user and a chain store by electronic means;
14. The term "electronic prepayment means" means any certificate, or information on such certificate, issued with transferable monetary values stored by electronic means, which meets all of the following requirements: Provided, That this shall not include any electronic currency:
(a) It shall be used to purchase goods or services from a third person other than the issuer (including specially related persons prescribed by Presidential Decree) and pay their prices;
(b) It shall be able to purchase goods or services in at least two business categories (referring to mid-classification business categories in the Korean Standard Industrial Classification publicly announced by the Commissioner of the National Statistical Office pursuant to Article 22 (1) of the Statistics Act; hereafter the same shall apply in this Article);
15. The term "electronic currency" means any certificate, or information on such certificate, issued with transferable monetary values stored by electronic means, which meets all of the following requirements:
(a) It shall be used in the areas and chain stores which meet the standards prescribed by Presidential Decree;
(b) It shall meet the requirements referred to in subparagraph 14 (a);
(c) It shall be able to purchase goods or services in at least five business categories and the number of such business categories shall be at least that prescribed by Presidential Decree;
(d) It shall be issued in exchange for the same value of cash or deposits;
(e) It shall be exchangeable for cash or deposits under guarantee of the issuer;
16. The term "electronic bond" means any creditor's monetary claims stated in an electronic document, which meets the following requirements:
(a) The debtor shall designate the creditor;
(b) It shall include the contents of debts;
(c) A person shall have a digital signature (referring to the one by which the real name of a signer can be verified) under subparagraph 2 of Article 2 of the Digital Signature Act;
(d) It shall be registered with an electronic bond management agency under Article 29 (1) (hereinafter referred to as "electronic bond management agency") via a financial company;
(e) The debtor shall transmit an electronic document which meets all requirements referred to in items (a) through (c) to the creditor pursuant to Article 6 (1) of the Framework Act on Electronic Documents and Transactions and the creditor shall receive it in accordance with Article 6 (2) of that Act;
17. The term "transaction request" means any request whereby a user asks a financial company or an electronic financial business entity to process electronic financial transactions pursuant to the electronic financial transaction contract;
18. The term "error" means any case where an electronic financial transaction fails to be made pursuant to the electronic financial transaction contract or the user's transaction request neither intentionally nor with negligence;
19. The term "electronic payment settlement agency service" means any service to transmit or receive payment settlement information in purchasing goods or using services by electronic means or to execute as an agent or mediate the settlement of prices thereof;
20. The term "chain store" means any person, other than a financial company or an electronic financial business entity, who supplies goods or services to users in transactions conducted by an electronic debit payment means, electronic prepayment means or electronic currency under a contract concluded with a financial company or an electronic financial business entity;
21. The term "electronic financial infrastructure" means any information processing system used in electronic financial transactions and information and communication network defined in Article 2 (1) 1 of the Act on Promotion of Information and Communications Network Utilization and Information Protection, Etc.;
22. The term “electronic infringement” means any attack on electronic financial infrastructure by means of hacking, computer virus, logic bomb, mail bomb, denial of service, high-powered electromagnetic wave, etc.