FSC, ruling party unveil measures to cut card transaction fees to reduce burden on small businesses

the South Korean government and the ruling Democratic Party have announced a new set of measures to reduce creditcard transaction fees to lessen the financial burden on small business owners after meeting on Monday officials from the Financial Services Commission and the ruling party said they looked into the cost of credit card transaction fees and found they could achieve savings of up to 12 billion dollars they said the amount will be reduced in a way so that it will mainly benefit the self-employed and small businesses credit card transaction fees of small business owners who record more than four hundred forty thousand dollars in yearly sales will be cut from the current two point zero five percent to one point four percent those who register sales above eight hundred eighty thousand dollars will see their credit card commission drop to one point six percent from the current two point two one percent