Electronic payment is increasingly replacing cash, especially in South Korea, which is considered one of the most technologically advanced countries, where only 20 percent of payments are made with paper money. So it is not surprising that they want to get rid of coins as soon as possible. They want to withdraw them from circulation by 2020. A similar fate awaits banknotes.
In many countries specified coins they are not useful at all. In our country, these are the euro coins for one and two cents. How useless they are is evidenced by the fact that not even vending machines accept them. While we are not yet thinking about withdrawing the coin, we want to Central Bank of South Korea by 2020, completely abandon the production of coins and ban their use.
The matter will be tested on a pilot basis next year, when smaller shops will offer customers they will no longer return change in the form of coins, but the sum will be transferred to prepaid card or T Money public transport card.
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South Korea, however, does not intend to stop at coins, as it wants to completely switch to cashless payment. It is already one of the countries that relies the least on physical money, as every South Korean has one on average two credit cards, and only 20 percent of payments are made with paper money.
