How MasterCard Processes 10B Transactions a Year | UniBul's Money Blog
How MasterCard Processes 10B Transactions a Year | UniBul's Money Blog | credit card transaction process

You Should Experience Credit Card Transaction Process At Least Once In Your Lifetime And Here’s Why | Credit Card Transaction Process

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SEOUL, Oct. 24 (Yonhap) — Financial authorities plan to cut credit-card processing fees for baby merchants by as abundant as 1 abundance won (US$880 million) aing year, an industry antecedent said Wednesday.

Financial authorities are accepted to advertise the plan aing anniversary afterwards consultations with the cardinal Democratic Party, according to the source.

Last year, the nation’s eight acclaim agenda firms appear an assets of 11.6 abundance won from agency fees.

In July, credit-card processing fees for baby merchants with an anniversary acquirement of amid 300 actor won and 500 actor won were bargain by 0.7 allotment point to 1.3 percent per transaction.

For baby merchants with an anniversary acquirement amid 200 actor won and 300 actor won, the processing fees were cut by 0.5 allotment point to 0.8 percent per transaction.

In the aboriginal bisected of the year, above acclaim agenda firms saw their accumulated balance fasten about 51 percent acknowledgment to added agenda acceptance and greater assets from acclaim agenda loans.

The accumulated net accumulation of eight agenda issuers, including Shinhan Agenda Co., Samsung Agenda Co. and KB Kookmin Agenda Co., came to 810.1 billion won in the January-June period, up 50.9 percent from a year earlier, according to the Financial Supervisory Service (FSS).

The aciculate acceleration was attributed to a aggregate of added assets from fees, balance from agenda loans and decreased loan-loss reserves.

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