Change returned as points... Hyundai Department Store introduces 'Change Accumulation Service'

[Asia Economy Reporter Seungjin Lee] Hyundai Department Store is launching a service that deposits change into membership points or customers' bank accounts when purchasing items at offline stores. This is a follow-up measure to the "Change Deposit Service Agreement" signed with the Bank of Korea last April.

Starting from the 26th, Hyundai Department Store will introduce the industry's first "Change Accumulation Service" at 15 department stores nationwide, including the Apgujeong Main Store. This service converts the change given when customers pay with cash into Hyundai Department Store Group's integrated membership "H Point" or deposits it into the customer's account.

Customers who wish to convert their change into H Points can show one of the following to the cashier: their mobile phone number, the H Point app, or a Hyundai Department Store card. Customers who want the change deposited into their account can show a physical cash card or a mobile cash card app that supports cash withdrawals and deposits.

To commemorate the introduction of the Change Accumulation Service, Hyundai Department Store will hold various events until the 31st of next month. First, 10,000 customers who purchase over 10,000 won at each store and present their change accumulation receipt at the customer service desk will receive an additional 1,000 H Points. Also, customers who accumulate more than 10,000 won in H Points will receive an extra 5% H Points, and customers who accumulate change into H Points and participate in the event via the app will be entered into a draw to win 10,000 points (300 winners).

A Hyundai Department Store official said, "We expect to reduce social costs associated with cash issuance and circulation and to alleviate some inconveniences related to holding change."