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 [...]
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 [...]
SEOUL, July 25 (Korea Bizwire) – Korea’s government, financial authorities and credit card companies have sat down to discuss implementing a cutback in credit card fees for public interest-serving institutions. Within the latter half of this year, the Credit Finance Association of Korea is planning on commissioning policy think tanks such as the Korea Development Institute for [...]