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Credit Card Companies to Roll Out Modifications to Enable “Going Dutch”

Credit Card Companies to Roll Out Modifications to Enable “Going Dutch”

SEOUL, Sept. 20 (Korea Bizwire) – After holding talks with CEOs of credit card companies in July and August, the Financial Services Commission (FSC) publicly disclosed that modifications to payment processing procedures will be implemented. One of the key points of the announced modifications is a system that will allow groups of restaurant-goers to split [...]

Kakao Pay Institutes QR Code Payment System

Kakao Pay Institutes QR Code Payment System

SEOUL, Sept. 20 (Korea Bizwire) – Kakao has announced that it has added QR code identification technology that will enable users to process payments with a simple snapshot to its Kakao Pay service.  The technology is currently available on Kakao’s Chinese counterparts Alipay and WeChat Pay. Users snap photos of QR cards in shops and [...]

S. Korea to Kick Off Nationwide Shopping Festival Next Week

S. Korea to Kick Off Nationwide Shopping Festival Next Week

SEOUL, Sept. 20 (Korea Bizwire) — A nationwide shopping festival involving hundreds of retailers and traditional markets will begin next week, the government said Wednesday, as it aims to draw foreign travelers amid a sharp decline in the number of Chinese tourists. The annual Korea Sale FESTA, jointly organized by the Ministry of Culture, Sports [...]

Government Warns Telecom Provider Over Illegal Subsidies for Galaxy Note 8

Government Warns Telecom Provider Over Illegal Subsidies for Galaxy Note 8

SEOUL, Sept. 19 (Korea Bizwire) – The South Korean government has warned one of the country’s major mobile networks over its alleged subsidies to boost sales of Samsung’s latest smartphone, the Galaxy Note 8, a marketing practice prohibited under current legislation. According to the Korea Communications Commission on Monday, the government branch which controls mobile phone [...]

AI Speaker Wars, Round 1: Kakao Mini and Naver Wave Fly Off the Shelves

AI Speaker Wars, Round 1: Kakao Mini and Naver Wave Fly Off the Shelves

SEOUL, Sept. 19 (Korea Bizwire) – There are no losers, only winners, in the first round of the AI speaker confrontation between Kakao and Naver, as pre-sales of each tech company’s flagship product were effectively over minutes after they began.  Pre-sales of the Kakao Mini started on September 18 and lasted only 38 minutes. The [...]

No Shortage of Buyers for Lotte Mart’s Chinese Properties

No Shortage of Buyers for Lotte Mart’s Chinese Properties

SEOUL, Sept. 19 (Korea Bizwire) – Lotte Group’s decision to cut its losses on its Lotte Mart business in China is reportedly drawing interest from five to 10 potential buyers, according to sources in the investment banking industry.  Speaking on conditions of anonymity, one source said, “The names of the firms involved in negotiations cannot [...]

Airport Operator Unlikely to Accept Duty-free Operator’s Rent Cut Demand

Airport Operator Unlikely to Accept Duty-free Operator’s Rent Cut Demand

SEOUL, Sept. 18 (Korea Bizwire) — The operator of Incheon International Airport is likely to snub calls from Lotte Duty Free, the country’s top duty-free operator, to adjust its rental fees, industry sources said Monday, amid the ongoing diplomatic row between Seoul and Beijing over the deployment of a U.S. missile system here. Last week, [...]

THAAD Row Over China Costing Tourism Industry Dearly

THAAD Row Over China Costing Tourism Industry Dearly

SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s tourism industry has been hit hard by a diplomatic row with China over the deployment of a U.S. missile shield here that has sent the number of Chinese visitors tumbling, a report said Friday. In mid-March, China banned the sale of group tours to Seoul in retaliation [...]