[신년사] Joo-Hyun Kim, Chairman of the Credit Finance Association, “Efforts to rationalize merchant fees”

(Seoul = Yonhap News) A large institutional framework for fair competition with big tech and fintech companies has been established, and the credit has passed to the card industry. Now is the time to show the market that the card industry can advance more innovatively than big tech and fintech, and that based on the solid roots of the payment and settlement sector, it can go beyond the traditional credit card industry and develop into a new form of comprehensive financial industry. is.

This year, the discussion on recalculation of the franchisee’s fee-eligible costs begins again. Due to several rate cuts, I believe that the level of fees for credit card merchants in Korea is not internationally high, and is also low compared to other fees borne by small merchants. We will actively discuss multilateral measures with authorities and stakeholders so that reasonable cost can be calculated.

Supervisory authorities and the market are also keenly interested in risk management for lease and installment financing rights (capital business rights). The association plans to induce proactive and preemptive risk management of member companies through the’Liquidity Risk Best Practices’. Furthermore, we will actively consult with the authorities to prevent excessive management contraction regarding leverage regulations on capital companies.

We will make various efforts to enhance consumer protection and secure trust. In particular, in response to the advancement of digitalization and the development of hacking technology, a safe use environment for credit card payment infrastructure such as using a virtual card number when purchasing overseas goods is prepared, and an effective illegal use response network through close cooperation with the Financial Security Administration and international brands. We will thoroughly prepare for the financial security risks associated with the digital environment, such as establishing

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2020/12/31 17:01 sent