The government and the ruling People Power Party(PPP) agreed on a set of measures aimed at assisting vendors who suffered damage from payment delays at TMON and WeMakePrice online shopping platforms and to improve the local e-commerce system to prevent a recurrence.

According to PPP policy chief Kim Sang-hoon on Tuesday, the two sides agreed to reduce the time it takes for e-commerce platforms to pay vendors from the current 40 to 60 days, and to establish a separate management system for sales payment.

The government and the PPP also decided to offer support to ensure that customers of the two platforms receive refunds through their credit card company or the payment gateway within this week.

The ruling camp will seek to provide 300 billion won, or around 218 million U.S. dollars, in liquidity, including an emergency management fund of 200 billion won. The affected businesses may also apply for an extension of up to one year on their existing loans.

The government plans to put forth a comprehensive package of measures aimed at improving the nation's e-commerce system, including the reinforcement of PGs' registration requirements and management standards.