SEOUL, Oct. 4 (Korea Bizwire) – South Korea said Tuesday it will introduce a new system to enable reporting multiple credit cards lost or stolen with just a single phone call. So far, card holders have been required to report separately to each card issuer. South Korean adults have an average of 3.4 credit cards, [...]
SEOUL, Sept. 6 (Korea Bizwire) – South Korea plans to roll out commercial services for personal authentication for online and mobile payments utilizing the short-range wireless technology used in credit cards, officials said Tuesday. According to the Office of Government Policy Coordination, the government is set to approve the new service, which grants users personal [...]
SEOUL, July 15 (Korea Bizwire) – A local court on Friday ordered three credit card companies hit by massive data leaks to pay fines for failing to fulfill their duties to protect customer information. In 2014, an employee at a local credit rating agency was found to have stolen card holders’ information, including bank account [...]
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 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 [...]
SEOUL, June 29 (Korea Bizwire) – Starting next year, anyone issued a new credit card will be able to redeem their reward points without any restrictions. The Korea Financial Supervisory Service (FSS) announced its “Improvement Plan for Unfair Business Practices of Credit Card Companies” on Tuesday, June 28, which will prohibit credit card companies from placing [...]
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 [...]
SEOUL, June 8 (Korea Bizwire) – Statistics Korea revealed Tuesday that it’s developing what it calls a ‘quick-time consumption index’ based on civilian credit card approval information provided by the Credit Finance Association (CFA). The new index will use big data related to credit card approval information from eight domestic credit card companies, and is [...]
SEOUL, March 29 (Korea Bizwire) – South Korean credit and debit card spending jumped 8.8 percent last year from a year earlier as consumers increasingly favor using cards both for small-sized daily settlements and big tax payments, government data showed Tuesday. The card-based expenditure reached 667.1 trillion won (US$572 million) in 2015, up from 613.2 [...]
SEOUL, Nov. 23 (Korea Bizwire) – Large retailers in South Korea are claiming that they are being discriminated against by card firms over commission rates which could eat into their bottom lines amid a protracted economic slowdown, industry sources said Monday. According to the sources, some large-sized retailers have demanded a reduction in commission rates [...]