South Korea Moving Towards A Cashless Society

by Carol Adl
YourNewsWire.com
March 16, 2016

The Bank of Korea is aiming for a “cashless society” by 2020.

The bank’s officials plan to provide South Koreans with cards instead of coins, since consumers are increasingly becoming comfortable with cashless payments due to the prevalence of mobile wallets, smartphones and mobile banking.

Koreans now carry less cash as it gives way to credit cards and fintech payments.

Now if a consumer were to purchase a 9,500 won item and pays cash using a 10,000 won banknote, the shopper would be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change.

The Rest…HERE

This entry was posted on Wednesday, March 16th, 2016 at 12:44 pm and is filed under Brave New World, Economics, Government Evil, New World Order. You can follow any responses to this entry through the RSS 2.0 feed.