The Korean government is planning to reduce card transaction fees for small businesses to just half a percent or less.<br />An official at the Financial Services Commission says plans are now in the works to support that change using government funds... and in such a way that the cost of lowering the fees is shared by the card companies and the customers.<br />Transaction fees are already structured in a way that helps small business -- the lowest rate at zero-point-8 percent.<br /> But even lower rates would be a relief to small retailers, which are having to contend with higher labor costs since the minimum wage was raised this year.<br />For card users, it's likely the burden will take the form of higher annual fees. <br />
