Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  2. 2

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  3. 3

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  4. 4

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  5. 5

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  1. 6

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  2. 7

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs

    [KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
  3. 8

    North Korea removes streetlights along cross-border roads with South

    North Korea removes streetlights along cross-border roads with South
  4. 9

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official

    Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
  5. 10

    Farming households dip below 1m for first time in 2023

    Farming households dip below 1m for first time in 2023
지나쌤

BOK selects dozen operators for pilot project for coinless society

By KH디지털2

Published : March 3, 2017 - 15:50

    • Link copied

South Korea's central bank said Friday that it has selected a dozen operators for its pilot project that could potentially transform the country into what it calls a coinless society.

Under the project set to begin in April, 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.
 

(Yonhap) (Yonhap)

The BOK said 12 participants in the pilot project include CU, a major South Korean convenience store chain; Seven Eleven; E-Mart, the country's largest discount store chain by sales; and Lotte Department Store.

A BOK official said the central bank can expand the pilot project in a way that local stores can remit coins left from purchases to consumers' back accounts.

If the service is introduced, consumers won't have to carry coins in their pockets after making cash payments.

The BOK plans to expand the pilot project in stages in the coming years with the aim of realizing a coinless society by 2020.

Still, it said the move to become a coinless society is not a step toward a cashless society. (Yonhap)

More from Headlines