Sunday, 30 April 2017

Credit card use surpasses cash at convenience stores

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"According to convenience store chain CU, credit cards were used to pay for 55.1 percent of transactions last year, surpassing cash use for the first time."

Credit card use surpasses cash at convenience stores

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"As Koreans are carrying less cash, with the average standing at 74,000 won last year, down 3,000 won from the previous year, the central bank is also issuing less cash. It released 12.3 percent fewer 10,000 won banknotes last year from the previous year, while the issuance of 5,000 won notes dipped 5.9 percent and 1,000 won bills 3.7 percent."

Korea shifting to cashless society

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"The Bank of Korea on Thursday announced it will step up its efforts to reduce the circulation of coins, the highest denomination of which is worth less than $0.50.

As part of the plan it wants consumers to deposit loose change on to Korea’s ubiquitous ‘T Money’ cards"

South Korea to kill the coin in path towards ‘cashless society’

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