On July 22, 2024, Timon, a subsidiary of Q10, declared an indefinite extension of payment settlement. This means that the payment for items sold on Timon and WeMakePrice between June and July will not be paid to sellers indefinitely. The problem is that during this period, Culture Land, Happy Money gift certificates, and Book & Life book culture gift certificates were sold in large quantities thanks to discount rates of up to 8.2%. If the money for selling a gift certificate is not paid to the gift certificate issuing company, it may become difficult for the gift certificate issuing company to pay the gift certificate merchant.
Concerned about this, gift certificate merchants began blocking the use of Happy Cash one by one on the 23rd under the pretext of “service inspection.” On the 24th, almost all online merchants stopped accepting Happy Money payments, and in the evening, the last remaining stores, Steam and One Store, also blocked payments, destroying online merchants. On the afternoon of the 25th, Lotte Cinema and KFC, the last remaining large offline users, also blocked use. However, since it does not mean that Happy Money has not been able to pay the merchants on time, there is a possibility that transactions will resume when Happy Money’s financial condition is normal and trust is restored that it will pay the merchants. .