Going Coinless in the Future

/ April 21, 2017/ In Between/ 0 comments

Do coins jiggling in the pocket distract you? Do you get annoyed with too much coins in your wallet or purse? Inserting coins into a slot of a coin bank will no longer be an experience. At least in South Korea. The Bank of Korea recently launched a project that will usher them into a coinless society.

It’s what Koreans prefer

Koreans can deposit their small change into their prepaid cards after buying. A few selected stores like 7-11 and Lotte have participated in this pilot project. This means that consumers will no longer put coins in their pockets.

A survey showed that more than 60% of South Koreans don’t carry coins anymore and prefer to go coinless.

Cashless transactions

Last year, South Korea spent around $47M US on producing coins. With this project, it will lower the cost of minting. The Bank of Korea hasn’t decided yet if they’re going to be completely coinless. But they admit that such development is possible.

Like other modern countries, South Korea became reliant on cashless payment methods. Consumers have been using credit and debit cards to pay for purchases. They also use prepaid mobile cards, stored value transportation cards, and even mobile payment systems.

So goodbye to coin purses and coin banks. The experience of inserting a coin into a slot of a piggy bank and hearing the coins go ca-ching! will be gone.

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