Naver Pay Followed by Kakao Pay Also Lowers Fees for Small Business Owners
Maximum 0.3%P Reduction... Uniform Application of Credit Card Rate Cuts
[Asia Economy Reporter Minwoo Lee] Following Naver Pay, Kakao Pay will also reduce payment fees by up to 0.3%P (points).
Kakao Pay announced on the 26th that starting from the 31st, it will lower online card payment fees by 0.3%p for small merchants and by 0.1~0.2%p for medium-sized merchants. They explained that the larger discount rate between credit card and debit card fee reductions will be uniformly applied to credit cards. This move is intended to coexist with small business owners in line with the government's policy to reduce card fee rates.
The preferential fee rate criteria are applied based on data from the National Tax Service and the Credit Finance Association. Merchants can check this anytime on the Kakao Pay Partner Admin platform.
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Earlier, Naver Financial also announced on the same day that from the 31st, it will reduce Naver Pay fees by 0.2%p for small businesses and by 0.05~0.15%p for medium-sized businesses depending on their scale. Accordingly, the order management fee for small businesses will decrease from 2.0% to 1.8%, and the payment fee will drop from 1.1% to 0.9%.
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