신용카드 수수료체계의 문제점 및 개선 방안

Abstract

The purpose of this study is to explore the system of merchant fees in the credit card industry and to suggest policy measures to substantially lower the fees for merchants of small and medium-sized enterprises. Under the fundamental principles that merchant fees need to be set fairly and reasonably, the Korean government implemented new system of merchant fees of the credit card market in 2012. However, such an effort seems not to resolve the challenges that the credit card industry faces: unfairness of sharing benefits and costs between market participants and thus adverse selection. In order to minimize such problems in the credit card industry, this study proposes alternative policy measures in the aspect of institutional changes as followings. First, it would be inevitable to induce consumers to use check or debit cards rather than credit cards by expanding tax deduction. Second, merchant fees of check or debit cards that rarely provide costs of credit offering and irrecoverable debt need to be readjusted. Third, it is necessary to collect more information on actual costs of the business. Such information would enable us to establish relevant guidelines on merchant fees. Fourth, improper marketing activities to induce customers by VAN enterprise need to be prohibited. Fifth, in order to strengthen bargaining power of merchants. the government should authorize merchants to have refusal right when the card network companies such as VISA and MasterCard charges interchange fees higher than the government’s guideline. Finally, collusion while setting merchant fees has to be blocked out thoroughly. In that way, market competition among the card network companies would be promoted, ensuring adequate levels of merchant fees.