Card Company Labor Union Council Launched: "Fee Reduction and Big Tech Bias Policies Must Be Corrected"

Launch of the Council of Labor Unions for 7 Card Companies

[Asia Economy Reporter Ki Ha-young] The 'Card Company Labor Union Council,' composed of labor unions from seven domestic card companies, has been launched. As the recalculation of merchant fees approaches this year and voices calling for further fee reductions arise again, the council pointed out that fundamental solutions must be devised instead of "showy fee cuts."

The Card Company Labor Union Council held its official launch ceremony on the 25th at the International Conference Room of the Korea Federation of Banks in Jung-gu, Seoul. Attendees included representatives from the labor unions of seven card companies?Lotte, Shinhan, Woori, Hana, Hyundai, BC, and KB Kookmin Card?as well as Democratic Party lawmakers Kim Byung-wook, Park Yong-jin, and Lee Yong-woo.

Jung Jong-woo, chairman of the Card Company Labor Union Council, said in his opening remarks, "We have gathered to ensure job security and improve the rights and interests of card workers, as well as to promote the sustainable development of the card industry." He added, "We aim to propose effective policies for small and medium-sized businesses and correct digital finance policies centered on big tech and fintech companies to realize a fair market economy for all." Previously, card company labor unions had also united their voices in 2018 regarding the government's announcement of card fee restructuring plans.

The newly launched Card Company Labor Union Council criticized the government and political circles for showy policies related to the scheduled recalculation of merchant fees this year. Chairman Jung stated, "The government and political circles have repeatedly issued populist promises to reduce card fees during elections, but the burden of fee reductions ultimately falls on card workers, who suffer pain akin to restructuring through workforce reductions and cost cuts." He pointed out, "The difficulties of small and medium-sized merchants have only increased, and the reduction in card fees has not improved their situation." He added, "It is time to consider alternatives for fundamental problem-solving rather than showy policies," and insisted, "We must stop reducing card fees and halt the current qualified cost calculation system decided by the government."

Along with this, concerns were expressed about the tilted ecosystem of the card industry in the face of competition with big tech companies such as Naver and KakaoPay. Chairman Jung emphasized, "We must correct biased policies that grant various exceptions only to big tech and fintech companies and restore balance to the payment market, which has become a tilted playing field."

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