Gov't planning to reduce card transaction fees for small business: Report
- 6 years ago
The Korean government is planning to reduce card transaction fees for small businesses to just half a percent or less.
An official at the Financial Services Commission says plans are now in the works to support that change using government funds... and in such a way that the cost of lowering the fees is shared by the card companies and the customers.
Transaction fees are already structured in a way that helps small business -- the lowest rate at zero-point-8 percent.
But even lower rates would be a relief to small retailers, which are having to contend with higher labor costs since the minimum wage was raised this year.
For card users, it's likely the burden will take the form of higher annual fees.
An official at the Financial Services Commission says plans are now in the works to support that change using government funds... and in such a way that the cost of lowering the fees is shared by the card companies and the customers.
Transaction fees are already structured in a way that helps small business -- the lowest rate at zero-point-8 percent.
But even lower rates would be a relief to small retailers, which are having to contend with higher labor costs since the minimum wage was raised this year.
For card users, it's likely the burden will take the form of higher annual fees.