Ministry of the Interior and Safety Signs Business Agreement with Card Companies to Ensure Smooth Payment of High Oil Price Compensation

Participation from Local Governments, Internet Banks, and Fintech Companies
The Ministry of the Interior and Safety to Oversee All Aspects of Project Implementation
Minimal Collection of Personal Data... Agreement on Secure Processing

The Ministry of the Interior and Safety signed a business agreement on the 17th with the Financial Services Commission, the Council of Mayors, County Governors, and District Heads, nine major credit card companies, internet banks, and fintech companies to ensure the prompt payment of compensation for high oil price damage.

Kim Minjae, Deputy Minister of the Ministry of the Interior and Safety (fourth from the left), is taking a commemorative photo at the signing ceremony of the business agreement for the prompt payment of high oil price damage relief funds held at the International Conference Room of the Government Seoul Office Annex in Jongno-gu, Seoul on the afternoon of the 17th. Provided by the Ministry of the Interior and Safety

The credit card companies participating in the agreement are KB Kookmin Card, NH Nonghyup Card, Lotte Card, BC Card, Samsung Card, Shinhan Card, Woori Card, Hana Card, and Hyundai Card. The internet banks are KakaoBank, K Bank, and Toss Bank, while the fintech companies Naver Pay and Kakao Pay also joined the agreement.

The high oil price compensation will be paid first, starting from April 27, to basic livelihood security recipients, near-poverty households, and single-parent families. Recipients can choose to receive the payment via credit or debit card, prepaid card, or local gift certificate, according to their preference.

The Ministry of the Interior and Safety will oversee the overall project by establishing the business plan, allocating the budget, and building the work management system, as well as supervising all aspects of implementation.

Local governments will be responsible for securing payment methods, receiving and handling civil complaints such as appeals, and managing the execution and settlement of funds.

Financial institutions will establish and operate a work management system for the compensation and pay out the funds based on the applications submitted by eligible recipients. To this end, local governments and financial institutions will enter into consignment agreements regarding the handling of personal information. They have also discussed necessary measures to ensure the safe processing and protection of personal data, including limiting its use to the minimum required scope.

Kim Minjae, Vice Minister of the Ministry of the Interior and Safety, stated, "We will thoroughly prepare to ensure that the payment of high oil price compensation proceeds without delay, in close cooperation with local governments and financial institutions."

This content was produced with the assistance of AI translation services.