The government and the ruling Democratic Party(DP) have agreed to lower credit card commissions for small business owners and expand the lower fees to more businesses. 

The ruling camp made the decision on Monday during a meeting at the National Assembly. 

After the meeting, the DP's chief policymaker Kim Tae-nyeon said in a news briefing that the government and the party decided to cut credit card fee rates from the current two-point-05 percent to one-point-four percent for small business owners who registered between 500 million won and one billion won in yearly sales.

Kim said that the rates for small business owners who make between one billion won and three billion won a year will be lowered from two-point-21 percent to one-point-six percent. Franchises earning below 50 billion won a year will likely see the rate drop from two-point-two percent to an average of two percent. 

About 240-thousand small business owners who make between 500 million and three billion won a year are likely to save about 520 billion won, or two-point-14 million won each a year.