The Bank of Korea: "Cash Issuance and Circulation Reduce Social Costs"
Sequential Launch Starting from Q3 This Year
[Asia Economy Jang Sehee] The Bank of Korea announced on the 29th that it has signed a business agreement with three retail operators?Emart24, Korea Ministop, and Hyundai Department Store?to facilitate the smooth introduction of the change account deposit service.
The change account deposit service allows customers to have their leftover change deposited into their bank accounts after cash or gift certificate transactions at retail stores such as department stores.
This service corresponds to the second phase following the first phase accumulation service using prepaid cards like transportation cards. The IT system is currently being developed, and the service is scheduled to be launched sequentially starting from the third quarter of this year.
The Bank of Korea explained, "This agreement will enhance the reduction of social costs related to the issuance and circulation of cash," and added, "It is also expected to greatly alleviate the inconvenience of having to hold leftover change resulting from cash transactions."
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