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Description

Korea Fair Trade Commission fines four mobile payment platforms for colluding

On 17 November 2021, Korea’s Fair Trade Commission (KFTC) announced its decision to sanction four mobile payment platform operators with monetary penalties for collusion in an effort to collect more fees from indebted customers. The fine amounts to a total of 16.9 billion won ($14.3 million or €12.5 million). Between 2010 and 2019, KG Mobilians Co., SK Planet Co., and two other companies jointly implemented surcharges for consumers who failed to pay goods prices through their settlement services. The four companies benefitted from a total of 375.3 billion won in late fees over the abovementioned period and took up around 90 percent of the market share. Furthermore, the South Korean competition watchdog has instructed them to take corrective action and decided to file a complaint against KG Mobilians and SK Planet with the prosecutor's office.

Original source

Scope

Policy Area
Competition
Policy Instrument
Anti-competitive agreements regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
competition authority

Complete timeline of this policy change

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2021-11-17
in force

On 17 November 2021, Korea’s Fair Trade Commission (KFTC) announced its decision to sanction four m…