Card commission rates for small and medium-sized merchants will be reduced by up to 0.1%p...300 billion won per year ↓

In order to ease the burden on self-employed people suffering from sluggish domestic demand, the financial authorities have decided to lower the card fee rate of 3.05 million small and medium-sized merchants with annual sales of less than 3 billion won from 0.05p to up to 0.1%.

Kim Byung-hwan, chairman of the Financial Services Commission, met with representatives of eight full-time credit card companies at the Korea Credit Finance Association today to discuss ways to reform these credit card fees and to apply them from February 14 next year.

Under this measure, the commission burden for small and medium-sized merchants will be reduced by 8.7% on average and 300 billion won per year.The card commission rate of general merchants with annual sales of less than 100 billion won

will also be frozen for three years at the current commission rate.