(1) Where a payment is made by electronic payment means, such payment shall take effect at the time set forth in the following: <Amended on May 22, 2013; Oct. 15, 2014>
1. For electronic funds transfers: When the information on the amount transferred on a transaction request is completely recorded on the ledger of the account of a financial company or an electronic financial business entity with which the payee's account is opened;
2. For withdrawal of cash directly from electronic apparatus: When the payee receives such cash;
3. For payments made by a prepaid electronic payment means or electronic currency: When the information on the amount requested on a transaction request gets to the electronic apparatus designated by the payee;
4. For payments made by other electronic payment means: When the information on the amount requested on a transaction request is completely input in the electronic apparatus of a financial company or an electronic financial business entity with which the payee's account is opened.
(2) The financial companies or electronic financial business entities prescribed by Presidential Decree in consideration of their total assets, etc. shall, upon their user’s request, ensure that payment of electronic funds transfer takes effect after a certain time has elapsed since such user makes such transaction request, in accordance with the procedures and methods prescribed by Presidential Decree. <Added on Oct. 15, 2014>