Refund of 70.9 Billion KRW in New Card Merchant Fees for Second Half of Last Year... 196,000 Locations Eligible

Average Refund of 360,000 Won Received

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 10th that they will refund 70.9 billion KRW in card fees to approximately 196,000 newly registered credit card merchants in the second half of last year.

This refund covers the difference between the fees paid from the time card sales occurred in the second half of last year until the end of January this year before the preferential fee rate was applied, and the fees calculated by applying the preferential fee rate to the card sales amount during the same period. The average refund amount is about 360,000 KRW.

Newly registered credit card merchants who previously applied the industry average fee rate due to lack of sales information are eligible for the refund if they were selected as small or medium-sized merchants based on sales verification every half-year (June and December).

Among the merchants eligible for the refund, 86.6% are small merchants with annual sales of 300 million KRW or less. General restaurants account for the highest proportion. Newly registered merchants who closed their business within the half-year period are also included.

The refund amount will be deposited by the 13th. From the 12th, related information can be checked on the Credit Finance Association's 'Merchant Sales Transaction Information Integrated Inquiry System' and each card company's website.

This content was produced with the assistance of AI translation services.