Friday, January 6, 2017
Cards, not cash are king in Korea
Late last month the Korea Joongang Daily published an article entitled "In Korea, cash is no longer King." Among other things, it reported data from a Bank of Korea study showing how much cash Korean's carry in their wallets these days, broken down by age cohort. (click on the infographic to see a full size version)
These days, Korea leads the world in use of various forms of electronic payment, including credit and debit cards, smart phones and most recently the introduction of Internet banking. According to the Bank of Korea, only about 20 percent of financial transactions these days involve cash. Welcome to 2017 in the world's digital network leader!