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 [...]
SEOUL, March 6 (Korea Bizwire) – South Korea’s credit card companies suffered a drop in their net profit last year on a sharp increase in marketing cost and loan loss expenses, data showed Monday. Eight standalone credit card firms here posted a total of 1.81 trillion won (US$1.5 billion) in net profit, down 9.9 percent [...]
SEOUL, Feb. 22 (Korea Bizwire) – The number of underage children using their parents’ credit cards or cell phones (direct carrier billing) to pay for their gaming ventures is on the rise, and as a result, refund requests from parents receiving monthly billing surprises are also growing. According to the Korea Consumer Agency, there were [...]
SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies. The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]