First Half of the Year: 197,000 Card Merchants Receive 50.5 Billion KRW in Fee Refunds

27.43 Million Locations to Apply Preferential Fees in the Second Half of the Year

[Asia Economy Reporter Kim Hyo-jin] Approximately 197,000 small and medium-sized newly established credit card merchants in the first half of this year will receive a refund of 50.5 billion KRW in card fees.

On the 26th, the Financial Services Commission announced measures including the 'Refund of Fees for Newly Registered Credit Card Merchants in the First Half of 2020.'

The difference between the card fees paid before the preferential fee rate application date and the card fees payable when the preferential fee rate is applied during the same period will be refunded. About 70% of the refund recipients are small merchants in local commercial districts. It is expected that each merchant will receive an average of about 250,000 KRW. Each card company will pay the refund to the card payment account by September 11.

Those who opened and closed their business during the first half of the year are also eligible for the refund. If the business location no longer exists and notification letters cannot be sent, eligibility for the refund can be checked from September 10 via the integrated sales transaction information inquiry system or each card company's internet homepage.

Meanwhile, the Financial Services Commission selected 2,743,000 merchants, accounting for 96% of all card merchants, as eligible for the preferential fee rate in the second half of the year. The preferential fee rate will be applied from the 31st of this month.

Online businesses (932,000) that receive card payments through payment gateway (PG) companies or transportation settlement operators, as well as individual taxi operators (165,000), will also receive the preferential fee rate.

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