South Korea makes coinless society push

South Korea makes coinless society push

As it bids to become a coinless society by 2020, South Korea is preparing a pilot that will give shoppers the chance to receive their change in the form of a top-up to prepaid cards.

According to the Korea Times, the country's central bank has signed several retailers, including CU and Seven Eleven, for the trial.

At these locations, shoppers can opt to have their change added to prepaid cards, such as public transport cards. In the future, the money could be deposited straight to bank accounts.

With the largest value Korean coin worth just 44 US cents, half of people polled by the Bank of Korea say they support a move to a coinless society.

The move could also save money: last year the central bank spent $47 million producing coins.

Comments: (1)

A Finextra member
A Finextra member 20 April, 2017, 08:52Be the first to give this comment the thumbs up 0 likes

Kudos to South Korea! Come in, Britain!