South Korea's FSC Requires Electronic Payment Firms to Disclose Fees, Issues 1-Month Notice Rule on July 15

According to the Financial Services Commission, South Korea's financial watchdog approved amendments to its electronic finance supervision regulations on July 15, requiring digital payment providers and financial companies to explicitly disclose payment processing fees when signing or renewing contracts with merchants. Any unfavorable changes to fee structures must be communicated at least one month in advance.

The FSC also mandated that prepaid service providers and higher-tier payment gateway operators conduct periodic risk assessments of lower-tier operators, evaluating their financial soundness and potential misconduct. High-risk entities face contract termination or other enforcement measures. The risk assessment requirement takes effect on October 1, 2026.