18 August 2017
visit www.avoka.com

South Korea makes coinless society push

19 April 2017  |  6040 views  |  1 Women walking through street

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.
KeywordsEFTPOS

Comments: (1)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 20 April, 2017, 08:52

Kudos to South Korea! Come in, Britain!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Britain to go cashless in 2043?

Britain to go cashless in 2043?

14 March 2017  |  14216 views  |  4 comments | 21 tweets | 27 linkedin
Korea lays down plans for a 'coinless society'

Korea lays down plans for a 'coinless society'

10 January 2017  |  8211 views  |  3 comments | 19 tweets | 15 linkedin
The pound will not be round for much longer

The pound will not be round for much longer

31 October 2016  |  7256 views  |  1 comments | 12 tweets | 10 linkedin
Singapore makes cashless payments push

Singapore makes cashless payments push

19 August 2016  |  11813 views  |  0 comments | 18 tweets | 20 linkedin
Most Americans foresee death of cash in their lifetimes

Most Americans foresee death of cash in their lifetimes

25 July 2016  |  10915 views  |  5 comments | 23 tweets | 16 linkedin
Irish town ditches small change in rounding trial

Irish town ditches small change in rounding trial

03 September 2013  |  5159 views  |  1 comments | 15 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.eudownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7351 views comments | 21 tweets | 22 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7231 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5971 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
5809 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5796 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job