Karrot: "Send Deposits for Used-Car Transactions With Confidence"
Karrot Used Cars Introduces 'Safe Transfer' Service
Karrot, a local community platform, said on Oct. 29 that it has launched its Safe Transfer service to help users buying and selling used cars directly exchange payments securely.
The service is designed to ease the burden of sending payment directly to a seller in a used-car transaction and make the transfer process safer. The buyer's payment is held in a separate account, then transferred after verifying that the seller's identity matches the account holder of the recipient account.
Safe Transfer is available for direct-sale listings posted by individual members who have completed ownership verification. The buyer first deposits the payment into a virtual account designated by Karrot at NH Nonghyup Bank. The service is free, and users can transfer less than KRW 10 million per transaction.
After agreeing on the terms of the transaction and the deposit, the buyer can use Safe Transfer directly in the chat room on the Karrot app. Tapping "Safe Transfer for Deposit" at the top of the chat room and entering the agreed deposit amount and a refund account number will generate a virtual account.
After receiving a deposit notification, the seller selects "Receive Settlement" and enters an account number. Karrot then checks whether the vehicle owner matches the account holder and verifies the transaction amount before transferring the money. If signs of fraud or violations of operating policies are found on the seller's account, the payment is withheld and automatically refunded to the buyer.
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An automatic refund mechanism is also in place in case the transaction is canceled before the payment is transferred or the seller is delayed in accepting it. The deposit will be automatically returned to the buyer's account if the buyer cancels the transaction before transferring the payment or if the seller does not accept it within 48 hours of the deposit.
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