The number of places accepting gift certificates issued by "Culture Gift Certificate Co., Ltd." is rapidly decreasing. Kakao has completely stopped selling culture gift certificates, and Naver Pay and NHN Payco have also stopped exchanging them. This follows the recent warning from financial authorities to consumers regarding the company's failure to register as a prepaid business under the Electronic Financial Transactions Act. There are concerns that this situation could escalate into a "second Mezzopoint" incident.

Major Platforms Halt Sales and Exchanges

Kakao: Stopped selling culture gift certificates on KakaoTalk Gift Shop from the 24th.
Naver Pay: Ends partnership agreement with culture gift certificates from the 31st, making it impossible to convert online culture gift certificates to Naver Points.
NHN Payco: Plans to stop the Payco culture gift certificate charging service from next month.
Yes24: Stopped exchanging culture gift certificates on the 20th, but resumed three days later.
Aladdin: Reviewing whether to stop sales.

Financial Authorities Warn of Unregistered Prepaid Business

This situation began when financial authorities warned consumers about the culture gift certificate issuer's failure to register as a prepaid business. The Financial Supervisory Service requested confirmation from investigative authorities, stating, "Culture Gift Certificate Co., Ltd., the issuer of culture gift certificates, is subject to registration as a 'prepaid electronic payment instrument issuance and management business (prepaid business)' under the Electronic Financial Transactions Act, but continues to operate without complying."

Unregistered prepaid businesses are not subject to consumer protection provisions, and the obligation to separately manage the full amount of prepaid funds does not apply. Therefore, consumers may not be able to receive refunds if the company goes bankrupt or the number of affiliated stores is drastically reduced.

High Debt Ratio Amplifies Anxiety

To register as a prepaid business, companies must meet conditions such as a capital of 2 billion won or more and a debt ratio of 200% or less. However, Culture Gift Certificate Co., Ltd.'s debt ratio is reportedly as high as 20,000%, further amplifying consumer anxiety.