Credit Card Social Contribution Foundation Provides 50,000 Free Credit Card Contactless Payment Terminals

Support Conditions Relaxed from Minimum 2 Years to 1 Year of Business Experience

[Asia Economy Reporter Ki Ha-young] The Credit Card Social Contribution Foundation and the Fair Trade Commission announced on the 23rd that they will distribute more than 50,000 credit card simple payment terminals free of charge this year.

This project is part of the 'Credit Card Small Merchant Support Project,' a win-win growth model jointly operated by the card industry and the Fair Trade Commission. It involves distributing new payment method terminals that support Near Field Communication (NFC) and QR code payments, as well as kiosks capable of unmanned payments.

The card industry has established a plan to support a total of 40 billion KRW through the Credit Card Foundation by 2023. Since last year, all domestic VAN (Value Added Network) companies have participated in developing new terminals and distributing them to merchants nationwide.

In the first half of this year, more than 25,000 merchants nationwide have already benefited from the first phase of the support project. The Credit Card Foundation and the Fair Trade Commission plan to expand the scale of the second phase to over 50,000 units and relax the eligibility criteria from businesses operating for more than two years to those operating for more than one year, thereby providing customized terminals to more small merchants. Starting this year, merchants can choose an 'all-in-one terminal' equipped with NFC and QR code payment functions integrated into the credit card payment terminal (CAT). Small merchants using credit cards can receive support except for certain industries such as entertainment and nightlife.

Kim Joo-hyun, Chairman of the Credit Card Foundation, said, "We hope this has helped small self-employed business owners who have been struggling due to the prolonged COVID-19 pandemic by reducing labor costs and maintaining hygiene and safety." He added, "We will continue to provide support to strengthen the competitiveness of small merchants."

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