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Some of the KRW 3 billion that Starbucks customers forgot is attributed to its own profits

Korean customers forgot to pay in advance after charging
attributable to own profit

The photo has nothing to do with the article / Photo = Yonhap News

It is reported that Starbucks Korea has transferred Starbucks prepaid charges that customers forgot or not used after charging for the past 5 years to its profits.

According to Chosun Biz Report on the 31st, the Starbucks prepaid amount (the amount that customers pre-loaded into their Starbucks card) exceeded 3 billion won. Starbucks did not return a portion of this money to customers, but attributed it to miscellaneous profits.

Unlike major fintech companies such as Toss and Naver Pay, Starbucks allows customers to freely use their prepaid deposits. Criticism is coming out that they are taking care of the money they deserve to return to their customers while enjoying this regulatory gap to the fullest.

Of the issued prepaid recharge cards, about 5 to 6% are left unused every year, considering that Starbucks had 50 billion won in advance payment at the end of 2016, five years ago. Starbucks is transferring the balance of the prepaid recharge card from the advance payment to miscellaneous profit after 5 years.

As it is predicted that the amount of money that customers have loaded into Starbucks cards this year will exceed 200 billion won, it is estimated that Starbucks’ falling income will increase to 12 billion won in five years.

Department store gift certificates, which are representative price-type gift certificates, also have an expiration date of 5 years, but there is virtually no validity period. Department stores make it available at any time in a way that does not indicate the date of issuance. An official from the department store industry explained, “Gift certificates given free of charge have an expiration date, but value-type gift certificates purchased by customers do not have an expiration date.”

In this regard, Starbucks said, “After the expiration of 5 years of the card charged by the customer, the amount is returned to the company, but if the customer requests a refund, a new card is issued to preserve the balance.” “Recently, the related system was announced to the stores, but there seems to have been confusion in some stores,” he explained.

Jang Ji-min, Guest Reporter at Hankyung.com newsinfo@hankyung.com

ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited

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