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Finance

E-payment fees edge down, but price-cutting rivalry still limited

Payment fees charged by electronic financial service providers in South Korea fell slightly, but competition among operators to cut rates remains limited, a disclosure showed. The average payment fee rate for 18 providers from September to February was 1.98 percent for cards and 1.74 percent for prepaid. Differences were clearer for small merchants, with Kakao Pay applying the lowest card fee rate among three major simple payment firms.

Games & Commerce

FTC orders Coupang, Naver and five other open markets to fix unfair terms, block privacy liability waivers

South Korea’s Fair Trade Commission said on April 27 it reviewed the terms of service of seven open market operators, including Coupang and Naver, and ordered corrections to 11 types of unfair clauses. The measures focus on fixing provisions that shifted onto users the responsibility for personal data protection and brokerage management that operators should bear. The operators submitted correction plans and plan to implement revised terms after amendment procedures.

Games & Commerce

11st to launch China reverse cross-border storefront in June, seeks sellers

11st said it will open a dedicated storefront on JD.com’s cross-border e-commerce platform JD Worldwide in mid-June and begin selling products from its merchants. The company said it will run the storefront in a seller-friendly way, handling shipping, customs clearance, delivery, customer service, marketing and tax processing after purchasing products. It also plans to support operations through its China unit and join JD.com promotions such as 618 and Singles’ Day.