출처: Block Media
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Card Companies Profit from Costly Fees — The Case for Digital Transformation
"Stablecoins Could Eliminate Wasteful Intermediary Costs"
[Block Media - James Jung] South Korea's government initiatives to support its citizens through large-scale fiscal programs have come under fire for unintentionally channeling substantial funds into card companies' coffers as intermediary fees.
In 2020, the government earmarked an impressive 14.2 trillion won for the first wave of pandemic relief payments, leveraging card companies’ infrastructure for swift distribution. This approach resulted in card issuers collecting approximately 196.7 billion won in service charges—equivalent to a hefty 1.385% of the funds disbursed.
Min Byung-deok, a Democratic Party of Korea lawmaker, highlighted the inefficiency in a Facebook post on October 18. He stated, "Card companies gained enormous profits with minimal investment, while also acquiring valuable user payment data. This method has drawn criticism for being unnecessarily wasteful."
Min proposed that a stablecoin pegged to the South Korean won could drastically cut down these intermediary costs, offering a more efficient alternative to legacy systems.
Promoting Digitalized Public Funds Distribution
"The conventional payment infrastructure rooted in the 20th century no longer aligns with the demands of enacting public policies in today’s digital economy," Min argued. He advocated for leveraging stablecoins tied to the Korean won to enable seamless and direct fiscal transfers to citizens, thereby eliminating excessive fees.
A recently approved welfare package totaling 13.9 trillion won is set to be distributed using the same outdated card payment infrastructure. Based on historical fee patterns, an estimated 192.5 billion won in service costs will likely end up benefitting card companies.
The Case for Stablecoin Integration
This recurring fee structure fuels serious concerns about its impact on policy objectives, inefficiencies caused by public fund wastage, and the lack of technological innovation in financial distribution methods. These issues have sparked renewed discussions on transitioning to stablecoin-enabled systems, which can significantly optimize public fund disbursement.
Min emphasized, "The government must urgently craft a detailed roadmap for building a stablecoin ecosystem supported by the Digital Asset Basic Act. Integration of stablecoins into policymaking would not only maximize fiscal efficiency but also ensure greater returns for citizens."
Adopting blockchain-based payment solutions could herald a new era for South Korea’s fiscal and economic infrastructure. By modernizing government-led financial programs, this approach could streamline massive public finance initiatives while paving the way for a robust and cost-effective digital financial ecosystem.
Why Stablecoins Are the Future of Public Finance
The continual reliance on intermediary fees undermines key policy initiatives aimed at aiding economic recovery for South Korea’s citizens. Blockchain-powered systems like stablecoins offer a breakthrough solution, making national finances more efficient and secure. With the potential to cut needless costs, foster transparency, and empower usability, stablecoins could play a pivotal role in enhancing South Korea's fiscal infrastructure in the digital age.
