
Earnings by credit card companies in South Korea shrank 21 percent last year from a year earlier, as households tightened their purse strings amid an economic downturn and lowered merchant fees, industry data showed Sunday. The combined net income of seven stand-alone card firms came to 1.73 trillion won (US$1.61 billion) last year, compared with 2.2 trillion won a year earlier, according to the data.
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