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Fee Cut to Cost Credit Card Firms About 700 bln Won per Year in Lost Revenue

Fee Cut to Cost Credit Card Firms About 700 bln Won per Year in Lost Revenue

SEOUL, Dec. 12 (Korea Bizwire) — The government’s plans to cut credit card commission fees will cost credit card firms about 700 billion won (US$619.8 million) per year in lost revenue, a government report showed Wednesday. Financial authorities unveiled two plans this year to reduce credit card commission fees for small merchants in a move [...]

State Adjustment of Credit Card Fees to Have Negative Impact on Card Firms: Moody’s

State Adjustment of Credit Card Fees to Have Negative Impact on Card Firms: Moody’s

SEOUL, Dec. 4 (Korea Bizwire) – The South Korean government’s plan to reduce credit card transaction fees for smaller business owners will affect the bottom line of local card firms, a global ratings agency has said. Late last month, the government announced its plans to expand the number of business owners eligible for preferential credit [...]