This file photo provided by KT Corp. shows a prototype of a mobile driver’s license to be used in South Korea.
SEOUL, Aug. 5 (Korea Bizwire) — Fewer people are using wallets.
Once a popular gift to celebrate birthdays, employment, and others, wallets are increasingly becoming a non-essential item.
The reason is simple. Cash, cards, coupons, photos, memos, business cards, identification cards and other items that wallets used to carry are being digitalized.
Identification cards, one of the last remaining non-digital items, will also become digitalized within six months as the Ministry of Interior and Safety plans to introduce a ‘mobile driver’s license’ starting next January.
Recently, an increasing number of business people exchange business cards via text messages, as they use apps to store and manage business cards, documents, and photos.
Company ID cards and membership cards are also being replaced with facial recognition systems.
In response to the dwindling use of cash, Korea’s national mint is printing out less currency. Last year, the the Korea Minting, Security Printing & ID Card Operating Corp. printed or minted 36.4 trillion won (US$31.8 billion), a drop of 2 trillion won over the last three years.
Kevin Lee (kevinlee@koreabizwire.com)
