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Splitting the bill is set to become easier, as South Korea’s financial watchdog is set to introduce a system that allows people to use just one credit card to divide the bill.
After meeting with the CEOs of eight credit card companies in July, Korea Financial Services Commission decided to allow a system where customers can split the bill by paying the divided amount via mobile application under certain circumstances.
After meeting with the CEOs of eight credit card companies in July, Korea Financial Services Commission decided to allow a system where customers can split the bill by paying the divided amount via mobile application under certain circumstances.
Previously, customers had to ask store owners to charge them separately, which took time, effort and extra commission fees. With the new system, a customer can pay the bill first through credit card and then get the others to pay back the divided amount through a credit card payment on mobile application.
The new system can only be applied when everyone at the table uses a credit card from the same company. The FSC said the payment through different companies would be made available by the end of the year.
By Im Eun-byel (silverstar@heraldcorp.com)
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