The Bank of Korea: "At Emart24... Change will be directly deposited into accounts"

[Image source=Yonhap News]

[Asia Economy Reporter Eunbyeol Kim] The Bank of Korea's 'Change Account Deposit Service' will be available at Emart24 starting today.

On the 14th, the Bank of Korea announced, "The 'Change Account Deposit Service,' which immediately deposits leftover change from cash or gift certificate transactions into customers' bank accounts, will begin at 5,300 Emart24 stores nationwide."

The 'Change Account Deposit Service' allows customers who purchase goods with cash or gift certificates at retail stores such as convenience stores, marts, and department stores to receive their leftover change directly into their bank accounts. By recognizing a physical cash card or a mobile cash card (QR code or barcode) on the in-store terminal, customers can receive their change deposited. This service is promoted by the Bank of Korea, and the Korea Financial Telecommunications & Clearings Institute operates the computer system (shared cash card network) for interbank processing.

With Emart24 added as a service store, the number of retail operators offering the Change Account Deposit Service has expanded to three, including Korea Ministop (2,570 stores nationwide) and Hyundai Department Store (15 department stores and 8 outlets nationwide).

Currently, the service is available through cash cards issued by 15 financial institutions (NongHyup, SC, Woori, Shinhan, Industrial Bank of Korea, KB Kookmin, Suhyup, Jeonbuk, Daegu, Gyeongnam, Busan, Jeju, Gwangju banks, and the Central Associations of NongHyup and Suhyup). Hana Bank and Korea Development Bank are expected to join by the end of February.

A Bank of Korea official stated, "We will continue to enhance the convenience of the service to ensure no inconvenience for citizens using cash," and added, "We also plan to continuously expand the participating retail operators."