South Korea's Financial Services Commission announced that preferential card-processing fees will apply from Aug. 14 to 3.094 million credit card merchants, 1.999 million payment gateway sub-merchants and 166,000 taxi operators. Eligible businesses have annual sales of no more than KRW 3 billion and will pay rates of 0.4% to 1.45% for credit card transactions and 0.15% to 1.15% for debit card transactions, depending on their sales bracket. The reduced rates will also apply retrospectively to businesses that opened in the first half of 2026 and were subsequently classified as small or medium-sized merchants. Card companies will refund the difference between standard and preferential fees by Sept. 28 to 159,000 credit card merchants, 132,000 payment gateway sub-merchants and about 5,675 taxi operators. Refunds for the credit card merchants are estimated at KRW 61.47 billion, or about KRW 387,000 per merchant, and cover eligible transactions from Jan. 1 through Aug. 13. Businesses that opened and closed during the first half are also eligible.
South Korea Financial Services Commission2026-08-11
South Korea's Financial Services Commission applies preferential card fees to 5.26 million small merchants and sets refunds for nearly 297,000 new businesses
South Korea's Financial Services Commission will apply preferential card fees from Aug. 14 to about 5.26 million small merchants, payment gateway sub-merchants and taxi operators. Nearly 297,000 newly established businesses will receive retrospective fee refunds by Sept. 28, including an estimated KRW 61.47 billion for 159,000 credit card merchants.