April 25, 2024

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[THE INVESTOR] The Fair Trade Commission is probing Visa Korea over allegations that the company unfairly raised fees for local credit card companies.

Visa Korea has been accused of using its dominant market position to raise fees, and the FTC dispatched investigators to the company’s office in Seoul on Nov. 17.

In May, Visa Korea informed eight South Korean credit card companies that the overseas payment handling fee will be raised to 1.1 percent from the previous 1 percent from October. Data processing fee, and other fees levied on credit card companies. The eight domestic credit card companies rejected the changes, and reported Visa Korea to the FTC last month.

By Choi He-suk (cheesuk@heraldcorp.com)