'Nekato' Payment Fee Reduction... Average Simple Payment Card Fee Rate 1.6%

Korea Fintech Industry Association: "Largest Reduction Ever"
Number of Disclosure Companies Expanded to 11, Up by 2

Last year in the second half, the payment fees of major simple payment companies such as Naver, Kakao, and Toss Pay were found to have decreased.

A customer making a payment with Toss Face Pay at a CU convenience store. Provided by BGF Retail

The Korea Fintech Industry Association announced on the 7th that it conducted the 5th integrated disclosure of payment fees for simple payment companies subject to disclosure in accordance with the Financial Supervisory Service guidelines. The disclosure target companies are 11 companies with an average monthly transaction volume of 100 billion KRW or more. Toss Payments and KG Inicis were added to the existing 9 companies (Naver Financial, Viva Republica, 11st, Woowa Brothers, Gmarket, Kakao Pay, Coupang Pay, NHN Payco, SSG.COM).

According to the Fintech Industry Association, the payment fee rates of the 9 companies decreased by 0.01 to 0.57 percentage points compared to the 4th disclosure in August last year. Card payment fee rates decreased by 0.01 to 0.34 percentage points. Prepaid electronic payment method fee rates decreased by 0.01 to 0.57 percentage points.

Looking at the overall average figures, the card fee rate was 1.60%, down about 0.06 percentage points compared to the 4th disclosure. The prepaid electronic payment method fee rate was 2.02%, down about 0.08 percentage points during the same period. Since the implementation of the Financial Supervisory Service guidelines, both card and prepaid fee rates have fallen the most significantly.

The 5th disclosure data can be found on the websites of the 11 companies subject to disclosure and the Fintech Industry Association website.