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  • Seoul to Promote Introduction of Payment Service ‘Seoul Pay’ for Small Businesses

  • Economy & Investment News SMG 4687

    Seoul in cooperation with the federal government, banks, and private payment service operators to launch ‘Seoul Pay (simple payment service for small businesses),’ a service that will reduce credit card commissions paid by 660,000 small businesses in Seoul.

    Through the simple payment service for small businesses, the payment commission of 0.8-2.3% will be reduced to 0% to lessen the financial burden of small businesses. This is an easy mobile payment service that will be introduced through cooperation among the government, Seoul city, banks, and private easy payment operators. The payment method will feature QR codes that will link consumers with sellers to directly transfer money from the consumer’s account to the seller’s account.

    Consumers can use the smartphone app to scan the ‘QR code’ available at each shop and input the amount to transfer from the consumer’s account to the seller’s account. This system allows for the use of the existing private easy payment app without the need of downloading a separate app, and it is similar to the payment method of debit cards. Commissions will be reduced considerably for small business owners and consumers will be allowed a 40% income deduction, which is a higher percentage than what is applied by credit cards or debit cards.

    registered franchises for the accepting registrants for the launching the easy payment service to start mid-December.