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 [...]
SEOUL, May 16 (Korea Bizwire) — A 27-year-old office worker surnamed Kim has been ‘bombed’ with three wedding invitations. Now, he has to give out 300,000 won (US$233) in cash as gifts. “There were almost no weddings happening during the pandemic era, so I didn’t have to spend as much,” he said. “Now, though, wedding [...]
SEOUL, Oct. 18 (Korea Bizwire) — Each South Korean owns hundreds of coins that are not being used in the market. Rep. Yoo Sung-kull of the main opposition People Power Party said that, according to the Bank of Korea (BOK), each South Korean owned an average of 454 coins as of last month. Last year, [...]
SEOUL, Aug. 11 (Korea Bizwire) — South Korean households scrambled to pile up cash in the first quarter of the year amid growing uncertainty stemming from the coronavirus pandemic, central bank data showed Tuesday. Cash held by households and nonprofit organizations stood at 90.1 trillion won (US$75.9 billion) as of the end of March, up [...]
SEOUL, May 3 (Korea Bizwire) – The government plans to start giving cash payouts to around 2.8 million virus-hit households starting this week, the interior ministry said Sunday. Under the measure, eligible households — including those under the government’s low-income support or disabled pension scheme — will receive up to 1 million won (US$817) in cash on [...]
SEOUL, March 10 (Korea Bizwire) — South Koreans continued to reduce their use of cash last year, while their use of credit cards reached record highs both in terms of frequency and amount, a central bank survey showed Tuesday. The people had an average 53,000 won (US$44.20) in their wallet at any given time in [...]
SEOUL, Nov. 8 (Korea Bizwire) — A new financial service will be introduced early next year that allows consumers to buy products in cash and receive change via their bank account at convenience stores and shopping malls. The Bank of Korea (BOK) announced on Thursday that it is now recruiting distributors who wish to participate [...]
SEOUL, Jul. 2 (Korea Bizwire) — Throughout history, a new invention or technological advance has often allowed people to carry less with them. For instance, the invention of coins helped reduce the burden of people carrying loads of goods they wished to trade. Just decades ago, it would have been considered unwise, or even unthinkable, [...]
SEOUL, Aug. 22 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has published a guidebook on local finance for English and Indonesian speakers so that they can use full and reliable services in South Korea. The Foreign Residents’ Guide to Personal Banking and Finance in Korea contains information on banking, currency exchange, [...]
SEOUL, Dec. 21 (Korea Bizwire) – South Koreans’ use of credit cards jumped last year from a year earlier, central bank data said Wednesday, in the latest sign that a growing number of people favor credit cards over cash for transactions. A survey of 2,500 adults by the Bank of Korea showed that credit cards [...]