50,000-won notes. (Yonhap)
SEOUL, June 16 (Korea Bizwire) — Cash as a means of payment is disappearing rapidly in people’s daily lives as various cards and electronic payments are increasingly used.
The amount of cash the households used to purchase goods or services last year averaged 510,000 won (US$398) per month, down 25.4 percent compared to the figure marked in 2018, according to a survey conducted by the Bank of Korea of 1,500 householders.
The share of cash among households’ overall expenditures stood at 21.6 percent, slipping to about a third of credit and check cards (58.3 percent).
The share of cash spending fell from 3.3 percent in 2018 to 1.2 percent last year, while the share of spending through bank transfers rose from 80.2 percent to 86 percent during the same period.
The share of the households who said they carry cash for emergencies stood at 31.4 percent last year, up 8.1 percentage points from 2018.
The share of those who said they experienced the rejection of cash payment at stores or restaurants over the past year rose to 6.9 percent last year, up 6.4 percentage points from 2018.
J. S. Shin (js_shin@koreabizwire.com)
