Published : Nov. 21, 2016 - 10:19
Users of prepaid transportation cards in South Korea will be able to recharge them with change left from purchases at local convenience stores, starting next year, under the Bank of Korea (BOK)'s campaign for a "coinless society," officials said Monday.
The central bank plans to introduce the test service in the first half of 2017.
An image of coinless society plan using prepaid transportation cards. (Yonhap)
In the longer term, the BOK will expand the service to supermarkets, pharmacies and other retailers and push for the remittance of change to bank or credit card accounts.
The BOK will soon select a convenience store chain for the test-run of the project and sign a related contract, added the officials.
Convenience stores here already have devices to charge T-money cards and other transit cards.
"I don't think we need a lot of time for technical preparations," a BOK official said.
If the service is introduced, consumers won't have to carry change in their pockets after making cash payments.
The BOK plans to expand such services in stages in the coming years with the aim of realizing a coinless society by 2020.
"The coinless society is intended to reduce social costs and inconveniences from coin use at stores or for transportation services," the BOK official said. "We will explore the most effective way (for attaining the goal) in cooperation with financial and IT firms."
The Kookmin Bank, a leading lender based in Seoul, has launched a program to allow customers to deposit change from utility bill payments with cash into their bank accounts. (Yonhap)