Preferential Fees Applied to Approximately 2.94 Million Credit Card Merchants with Annual Sales Below 3 Billion Won

Financial Services Commission to Apply Preferential Fee Rates of 0.5% to 1.5%

[Asia Economy Reporter Shim Nayoung] From the second half of this year, preferential fees will be applied to approximately 2.94 million credit card merchants with annual sales of 3 billion KRW or less.

On the 28th, the Financial Services Commission announced that for the second half of this year, small and medium-sized credit card merchants have been selected as follows: ▲ approximately 2.944 million credit card merchants with annual sales of 3 billion KRW or less ▲ approximately 1.442 million sub-merchants of payment gateway (PG) companies ▲ 165,000 individual taxi operators using transportation settlement service providers.

Accordingly, these merchants and individual taxi operators will be able to apply the revised preferential fee rates ranging from 0.5% to 1.5%.

For 182,000 merchants who became new credit card merchants in the first half of this year and were subject to the general merchant fee rate but have now been confirmed as small and medium-sized merchants based on sales, the difference between the fees already paid and the preferential fees will be refunded. The refund amount is 55.8 billion KRW, which is about 300,000 KRW per merchant.

This is also the first time that preferential fee rates will be applied retroactively to new PG sub-merchants. Refunds will be made starting mid-September for 163,000 PG sub-merchants confirmed as small and medium-sized merchants based on sales, as well as 3,690 individual taxi operators.

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