All appeals are dismissed.

The grounds of appeal are examined (to the extent of supplement in case of supplement in case of supplemental appellate briefs not timely filed).

1. Judgment on the grounds of appeal by the Defendants

A. (1) According to the reasoning of the lower judgment and the evidence duly admitted, the following facts are revealed.

① The “glon card” issued by the Defendants (hereinafter referred to as the “glon card”) is given a bank account number by each card, and a user who has received the glon card is entitled to use the card password and deposit account holder designated by the Defendants from the companies operated by the Defendants and to use the virtual account when the members are registered.

(2) If a user who has completed the registration of his/her membership with a capital card deposits cash in the virtual account, he/she may settle the price for the use of goods or services by means of automatically filling the amount in the capital card use system (hereinafter referred to as "instant system") and transferring the charged points to another user.

The points itself may be transferred among users, and the points may be refunded in cash to the account designated by the user after deducting the fee when the user files an application for refund.

③ It is possible only to transfer points within the system of this case to settle or transfer money by points using the system of this case, and only when a user is entitled to refund points in cash, AR corporation, a settlement agent, is performing large-scale fund transfer business on behalf of the user.

(2) On the grounds delineated below, the lower court found the Defendants guilty of violating the Electronic Financial Transactions Act due to the conduct of unregistered electronic payment agency business.

(1) The card shall be deemed to be an electronic payment means because it cannot be deemed to be a certificate, or information on such certificate, of transferable monetary value stored and issued electronically.