Chaos erupted at TMON as customers swarmed the building demanding refunds, facing long waits in sweltering heat.
The Korean government is considering providing low-interest loans to small merchants affected by payout delays at TMON and WeMakePrice.
More than 1,000 TMON users whose purchases were withheld due to a recent liquidity crunch at the local e-commerce platform have flooded into the headquarters as the long-awaited refund process started.
The government also must do its share to protect consumers.
Singapore-based marketplace Qoo10 has been acquiring e-commerce platforms facing a liquidity crunch, a strategy that led to a seller-payout crisis.
WeMakePrice co-CEO Ryu Hwa-hyun said that refunds for purchases on Qoo10 platforms, including TMON, will be processed within the day.
The delay in withdrawing earnings for sellers from Qoo10-owned TMON and WeMakePrice has led to payment gateways also pulling out, wreaking havoc on refunds.
Problems with receiving payment from e-commerce operators owned by Singapore-based Qoo10 is driving sellers away from the platforms.
Singapore-based ecommerce firm Qoo10 plans to acquire TMON through a stock swap deal, industry sources said Thursday.
Korea JoongAng Daily Sitemap