Electronic Financial Business Registration — Requirements and Documents for Payment Gateway (PG) and Prepaid Electronic Payment Instruments

Procedure

1. 1. Confirm the covered business and any exemption

   Electronic fund transfers, issuance and management of debit and prepaid electronic payment instruments, and electronic payment gateway services require registration with the Financial Services Commission (Article 28(2)). Prepaid instruments usable at only one merchant, or issued below the balance and annual issuance thresholds set by Presidential Decree, may be exempt (Article 28(3)), so first check whether your business structure qualifies.

2. 2. Check capital requirements and disqualifications

   Prepaid instrument issuance and management requires capital of 2,000,000,000 won or more. PG requires the amount set for the tier: quarterly electronic financial transaction volume of 3,000,000,000 won or less (300,000,000 won or more), over 3,000,000,000 up to 30,000,000,000 won (500,000,000 won or more), and over 30,000,000,000 won (1,000,000,000 won or more) (Article 30 of the Act, Article 17 of the Enforcement Decree). For two or more businesses the amounts are combined, capped at 5,000,000,000 won. Corporations within 1 year of registration cancellation or 3 years of license or registration revocation, and their major shareholders, cannot register (Article 32).

3. 3. Prepare personnel, IT facilities and financial soundness

   Registration requires not only capital but also qualified personnel and physical facilities such as IT systems capable of protecting users, and the financial soundness standards set by Presidential Decree (Article 31(1)). Detailed requirements are set by the Financial Services Commission, so organize personnel and facility records and arrange a pre-consultation with the authorities if needed.

4. 4. Prepare the application and attachments

   The application states the trade name and head office address, officers, capital and the names and shareholding ratios of investors, and the electronic financial business to be conducted (Enforcement Decree, Article 20(1)). Attach the articles of incorporation, proof of paid-in capital, financial statements, a 3-year business plan after commencement including projected financial statements, documents on qualified personnel and facilities, and other documents announced by the Financial Services Commission (Article 20(2)).

5. 5. File, supplement and receive the registration result

   The Financial Services Commission must decide on registration within 20 days of receiving the application and notify the applicant, and the period spent on supplement requests is not counted (Enforcement Decree, Article 20(4) and (5)). Once registered, the Commission announces it in the official gazette (Act, Article 33(3)). If capital or transaction volume standards change after launch, follow-up procedures such as reporting are required.

Required documents

• Electronic financial business registration application (form announced by the Financial Services Commission, Enforcement Decree of the Electronic Financial Transactions Act, Article 20(6))
• Articles of incorporation and proof of paid-in capital
• Financial statements and attached schedules
• 3-year business plan after commencement (including projected financial statements and budgeted revenue and expenditure statements)
• Document on qualified personnel and facilities
• Corporate registry certificate (verified through shared administrative information) and investor status

Fees

Incorporation and capital increase registration and IT system costs are separate. Our office fee starts from the amount shown above and may vary depending on the scope of work (for example, registering PG and prepaid businesses together); we will give you an exact quote after reviewing your documents.

See fees and official charges for this service →

Legal basis and review date

• Electronic Financial Transactions Act, Article 28
• Electronic Financial Transactions Act, Article 30
• Electronic Financial Transactions Act, Article 31
• Electronic Financial Transactions Act, Article 32
• Electronic Financial Transactions Act, Article 33
• Enforcement Decree of the Electronic Financial Transactions Act, Article 17
• Enforcement Decree of the Electronic Financial Transactions Act, Article 20

Checked against the statutes on 2026-10-20

Statutes and public notices change, so each case needs to be checked individually. Statute titles are given in English for reference. The Korean statutes are the authoritative text.

Check these first

• Complete the capital payment before filing and prepare proof of payment, so decide the capital increase schedule first.
• If quarterly electronic financial transaction volume keeps exceeding the tier threshold, reporting and a capital top-up are required (Article 30(4)).

Frequently asked questions