27-Feb-18, Business Korea
Visa and Korea-based BC Card have had a conflict over a commission charge for the usage of overseas payment networks for seven years now, but the strife between the two companies is expected to continue due to a clear difference between their opinions.
%20Business%20Korea.jpg "Endless conflict over payment between Visa and BC Card in Korea (c) Business Korea")
Image: Business Korea
BC Card is supposed to use Visa's payment networks for international transactions but it has used China's UnionPay or the US’ Star network for some overseas transactions, to lower the commission.
Although Visa has imposed a penalty fee of USD50,000 a month for breach of contract since Jun-11, and BC Card has paid more than USD4 mn in penalty fees, the two companies are still too far apart to end seven years of the conflict over the commission.