Naver, Kakao, and Toss to notify users of unused prepaid balances

Major South Korean big-tech companies Naver Financial, Kakao Pay, and Viva Republica (Toss) will implement a new system to notify users of long-term unused prepaid balances and facilitate immediate refunds. Starting October 19, the companies will provide regular notifications to users who have not used their accounts for extended periods, addressing an issue where billions of won in funds remained forgotten due to long validity periods.

As of late August, approximately 1.76 million users across the three platforms hold an estimated 25.5 billion won in unused prepaid balances. Under the new guidelines from the Financial Services Commission and the Financial Supervisory Service, Kakao Pay will notify users with no activity for over one year and a balance of at least 1 won. Naver Pay and Toss will notify users with no activity for over two years and a balance of at least 1,000 won.

The notification process is designed to be seamless, allowing users to access refund menus or bank transfer screens directly through official channels such as Naver TalkTalk, KakaoTalk, or app push notifications. Authorities have cautioned consumers to remain vigilant against smishing scams, noting that official notifications will not request sensitive account information via suspicious text messages or emails.