2023-10-11 09:20:30
▲ Kim Deok-hwan, CEO of Hyundai Card, is answering questions related to Apple Pay during the National Assembly audit on the 11th. < 국회TV 갈무리 >
[비즈니스포스트] Deok-hwan Kim, CEO of Hyundai Card, responded to the criticism that Apple Pay’s commission rate is the highest in the world, saying that it is not relatively high.
On the 11th, CEO Kim said at the National Assembly’s Political Affairs Committee, “When we internally reviewed the introduction of (Apple Pay), we looked at cases from several countries,” and added, “Among the many countries you pointed out, we believe that (Korea’s commission rate) is not particularly high.” .
On this day, CEO Kim responded to Rep. Yang Jeong-sook’s point that “Hyundai Card signed a contract with Apple Pay at 0.15% per transaction, the highest commission in the world.”
Hyundai Card’s Apple Pay commission rate has never been disclosed, but the industry estimates it to be around 0.15%. This is five times higher than China’s commission rate of 0.03%.
The issue was also raised that Apple was abusing its position in the market by charging a higher fee compared to other countries.
CEO Kim said, “As far as I know, we did our best (in negotiating Apple Pay commission rates),” and added, “Since the commission policies of each country and each company are not accurately revealed, it is difficult to compare them.” I answered.
Points continued to be raised about the problem that the contract was concluded with a high commission rate.
Rep. Yang pointed out, “Latecomers will also have to pay high fees, and (the burden of high fees) may be passed on to consumers and small merchants.”
He then added, “High fees should not be passed on to consumers and small merchants,” and CEO Kim briefly replied, “I know.”
On this day, Rep. Yoon Chang-hyun of the People Power Party raised issues related to the distribution of terminals, saying, “There is no price for low-end general terminals, but for Apple Pay-compatible terminals, you have to pay between 300,000 won and 3 million won.”
CEO Kim said, “The (terminal) penetration rate among self-employed people and small business owners is falling,” and “We will try to find support measures that we can.” Reporter Jo Hye-kyung
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