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Rise of Loan Comparison Platforms Leads to Reduction in Commission Burden for Non-Banking Financial Institutions

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 [...]

Google to Delay Adopting Billing Policy amid Backlash

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 [...]

S. Korean Lawmakers Call on Google to Reduce App Store Fees Like Apple

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 [...]

Apple to Reduce App Store Commission for Small Developers

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 [...]

Tax Agency Mulls Taxation for Google’s 30 pct Commission

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 [...]

Government Imposes Higher Commission on Duty-Free Store Operators

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 [...]

Card Firms Fare Well despite Lower Commission Income

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 [...]

S. Korea Card Firms Mull Legal Action against Visa on Fee Hikes

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 [...]

Visa Says It Will Raise Card Fees from 2017 in S. Korea

SEOUL, July 5 (Korea Bizwire) – Visa Inc., a global payment network company, said Tuesday it will raise the fees for overseas credit card purchases using its networks it receives from South Korean credit card companies starting next year. In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In [...]

Korean Credit Card Companies Protest Visa’s Plans to Raise Rates

SEOUL, June 13 (Korea Bizwire) – Korea’s eight major credit card companies (KB, Lotte, BC, Samsung, Shinhan, Woori, Hana, Hyundai) are planning to send an official letter to Visa Inc., protesting its plans to raise the commission for Korean customers’ international transactions. Visa notified the Korean companies in May of its plan to raise the [...]