FSC, ruling party unveil measures to cut card transaction fees to reduce burden on small businesses

  • 5 years ago
The South Korean government and the ruling Democratic Party have announced a new set of measures to reduce credit card transaction fees to lessen the financial burden on small business owners.
After a meeting on Monday,... officials from the Financial Services Commission and the ruling party said.... they looked into the cost of credit card transaction fees.... and found they could achieve savings of up to 1-point-2 billion U.S. dollars.
They said,.... the amount will be reduced in a way... so that it will mainly benefit the self-employed and small businesses.
Credit card transaction fees of small business owners, who record more than 4-hundred-40 thousand dollars in yearly sales,... will be cut from the current 2-point-zero-5 percent to 1-point-4 percent.
Those who register sales above 8-hundred-80 thousand dollars will see their credit card commission drop to 1-point-6 percent from the current 2-point-2-1 percent.

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