(Image: Yonhap)
SEOUL, Jun. 7 (Korea Bizwire) — A new payment system will be implemented aimed at addressing one of the top difficulties small businesses face, payment processing charges.
Hong Jong-hak, the minister of SMEs and Startups, stated at a gathering relating to the issue today that an innovative payment system is needed to relieve small businesses of payment processing fee woes.
He went on to say that a new payment system is in the works and that the ministry would cooperate with other relevant agencies to make it happen.
At the event organized to help find an innovative solution, 13 firms proposed various services that would make the system possible, while eight firms showed off their products and technologies.
In addition to industry-leading firms like Kakao Pay and K-Bank, new startups that have developed innovative technologies and services also took part in the event.
These firms illustrated ways to lower payment fees by using QR codes, NFC, and blockchain technology, which would allow small firms to avoid going through costly middlemen.
The participating firms focused on how to minimize fees while maximizing the consumer experience.
Experts say that as consumers have become accustomed to using credit cards, there’s a good chance that the firms’ efforts to lower fees will pay off.
Kevin Lee (kevinlee@koreabizwire.com)
