UIJONGBU, Oct. 17 (Korea Bizwire) – In a bid to support small business owners grappling with high commissions and delivery fees, Gyeonggi Province is taking steps to stimulate the market for private delivery apps that charge commission rates of 2% or less. The provincial government announced on October 16 that it would be accepting applications from [...]
SEOUL, Oct. 11 (Korea Bizwire) – As restaurant owners’ frustrations grow over high commission fees charged by food delivery apps, several major chicken franchise chains in South Korea are ramping up incentives for customers to use their proprietary ordering platforms. According to industry sources on October 10, the country’s top three chicken franchises — BBQ, bhc [...]
SEOUL, Oct. 17 (Korea Bizwire) – Thanks to the invigoration of fintech companies’ loan comparison services, it is estimated that non-banking financial institutions have reduced their annual commission burden by more than 10 billion won. According to the parliamentary inspection data submitted by the Financial Supervisory Service on Monday, the average commission rate that the nation’s five [...]
SEOUL, Nov. 23 (Korea Bizwire) — Google Inc. said Monday that it will postpone enforcing a 30 percent commission on in-app purchases of digital content from its Play Store from next January to next September. Under the new policy set to be adopted in late September, Google plans to take a 30 percent commission on [...]
SEOUL, Nov. 19 (Korea Bizwire) – A group of South Korean lawmakers on Thursday called on Google to follow Apple Inc.’s move to lower its commission for app market purchases amid concerns of local app developers over high fees. Apple announced a day earlier it will reduce the standard commission on its App Store from [...]
SEOUL, Nov. 18 (Korea Bizwire) — Apple Inc. said Wednesday that it will reduce the standard commission from 30 percent to 15 percent for small-sized app developers at its app store starting next year. Apple currently takes a 30-percent cut of the developers’ revenue when iPhone or iPad users make purchases. Virtually all in-app purchases [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korea’s tax agency said Saturday it will consider imposing taxes on Google Inc.’s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National [...]
SEOUL, Dec. 9 (Korea Bizwire) – Operating a duty-free store is a highly lucrative venture, and the few five-year licenses granted by the government are usually hotly contested. However, authorities have finally decided to raise the special commission imposed on duty-free store operators, which has been frequently criticized for being unusually low, by up to [...]
SEOUL, Nov. 16 (Korea Bizwire) – South Korean credit card companies posted a small increase in their net profits in the first nine months of 2016, undeterred by commission cuts, data showed Wednesday. They lowered the fee rates early this year for merchants with the annual sales of between 200 million won (US$170,000) and 300 [...]
SEOUL, July 6 (Korea Bizwire) – A group of South Korean credit card companies said Wednesday they will consider taking legal action against Visa Inc. following the global payment network company’s recent decision to raise the card fees it receives from Korean card issuers starting next year. In May, Visa notified Korean card firms that [...]