SEOUL, Oct. 12 (Korea Bizwire) — On an ordinary weekday in downtown Seoul a middle-aged woman walks into a Starbucks to order a cup of coffee. When she takes some paper bills out of her purse to pay the cashier, he politely refuses them and points to a notice at the entrance. “This store doesn’t [...]
SEOUL, Oct. 5 (Korea Bizwire) — Merchants in North Jeolla Province are struggling under the burden of interchange fees, according to a recent survey conducted by the Korean Confederation of Trade Unions (KCTU). Queried on the business expense that needs to be addressed most urgently, 59.3 percent of the respondents chose interchange fees. That is [...]
SEOUL, Jul. 26 (Korea Bizwire) — Credit card companies are on high alert after the launch of a new payment system by the city of Seoul that allows small business owners and their customers to make monetary transactions without any fees. Yesterday, the Seoul Metropolitan Government announced the launch of “Seoul Pay,” a zero transaction [...]
SEOUL, Jul. 25 (Korea Bizwire) — The financial regulator said Wednesday it will draw up a plan to further cut commission fees charged by credit-card firms on small merchants. In a report to a parliamentary committee, the Financial Services Commission (FSC) said it will begin work on recalculating costs of credit-card processing fees. The move [...]
SEJONG, Oct. 2 (Korea Bizwire) – More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday. A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a [...]
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 [...]
SEOUL, Sept. 5 (Korea Bizwire) — Daily credit card spending in South Korea hit a record high in the first half of this year, data showed Tuesday, in the latest sign that plastic has become one of the most favored tools for payment. The amount of transactions processed through credit cards came to 1.76 trillion won (US$1.5 billion) a day [...]
SEOUL, Aug. 4 (Korea Bizwire) – Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion [...]
SEOUL, Jul. 25 (Korea Bizwire) — South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon [...]
SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]