Financial Supervisory Service to Promote Biannual Disclosure of Big Tech Payment Fees

[Asia Economy Reporter Song Seung-seop] On the 19th, the Financial Supervisory Service (FSS) formed a joint task force to disclose payment fees of big tech companies and held its first meeting.

The meeting held at the FSS main conference room was attended by heads and staff from the three big tech companies?Naver Financial, Kakao Pay, Viva Republica?as well as related associations, payment gateway providers, prepaid service providers, and 14 comprehensive shopping mall organizations.

The FSS is promoting a plan to disclose simple payment fees. This is because there have been concerns that simple payment fees charged by electronic financial service providers like big tech companies are higher than those of card companies, placing a burden on small business owners. Electronic financial service providers collect fees based on service methods such as payment gateway, prepaid payment, and general commerce services.

During the meeting, active discussions took place regarding the main contents of the guidelines and disclosure plans. Attendees expressed agreement with the purpose of establishing the guidelines while also providing opinions on necessary supplements and detailed disclosure methods.

The guidelines are expected to include principles for calculating fees and methods for categorizing and managing fee items. It also includes posting the fee rates prepared according to the disclosure format on the companies’ websites on a semiannual basis.

The FSS plans to hold additional working-level meetings as needed, focusing on the raised opinions, and finalize the disclosure plan within the year.

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