The South Korean government and the ruling Democratic Party has announced a new set of measures to reduce credit card transaction fees to lessen the financial burden on small business owners.
After a meeting 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 save up to 1.2 billion U.S. dollars in costs.
They said the amount will be reduced in a way that it will mainly benefit the self-employed and small businesses.
Credit card transaction fees of small business owners, who register above some 440 thousand dollars in yearly sales will be cut from the current 2.05 percent to 1.4 percent.
Those who register sales above 880 thousand dollars will see their credit card commission drop to 1.6 percent from the current 2.21 percent.