S. Korea to begin pilot project for coinless society
SEOUL, April 19 (Yonhap) -- South Korea plans to launch a pilot project for a coinless society this week, South Korea's central bank said Wednesday, a move that could enhance convenience for ordinary people.
Under the project set to begin Thursday, consumers can deposit small change left from purchases of goods into their prepaid or mobile cards at convenience stores, discount stores and department stores, according to the Bank of Korea (BOK).
It means that consumers won't have to carry coins in their pockets after making cash payments.
The project, if accepted by ordinary people, could also lower the cost of producing coins, though the BOK said the outcome of the experiment remains to be seen. Last year, South Korea spent 53.7 billion won (US$47 million) on producing coins.
Participants in the pilot project include CU, a major South Korean convenience store chain; Seven Eleven; E-Mart, the country's largest discount store outlet by sales; Lotte Mart; and Lotte Department Store.
Cha Hyeon-jin, an official handling the issue at the BOK, said no decision has been made yet on whether the pilot project could eventually lead to a cashless society, but he predicted that there is a good chance that such a development may be possible down the road.
entropy@yna.co.kr
(END)
-
Ateez to drop new Japanese EP next week
-
Gov't to significantly increase international flights to meet travel demand
-
(2nd LD) BTS wins three Billboard Music Awards, marking 6th year to win an award
-
Crypto investor probed over allegedly visiting house of Terraform's CEO
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
S. Korea to send condolence delegation to UAE over death of president
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
Seoul's daily subway ridership hits pandemic-era high on eased restrictions
-
(5th LD) N.K. leader, wearing mask, chairs meeting on omicron outbreak
-
(URGENT) N. Korea says fever symptoms reported among more than 18,000 people Thursday alone amid COVID-19 outbreak
-
(2nd LD) S. Korea, U.S. have 'plan B' ready in case of N.K. provocation during Biden's visit
-
Former President Moon scheduled to meet Biden in Seoul this weekend
-
Yoon to announce S. Korea's participation in IPEF
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
(LEAD) Yoon to virtually attend summit launching IPEF