In Korea， electronic payments using cards， and financial technology or Fin－tech have
become so common... that living without cash is not a problem.
In this special report， Lee Soo－eun brings us her experience of a cashless society.
How much cash does an average Korean carry？
We went to Myeong－dong in downtown Seoul to ask around.
″I have three－thousand won.
And...I have cards， so if I need cash， I can just withdraw some.″
Then how far in a day can you get through without cash？
Well， I don′t need any when I hop on the bus.
Or get my morning coffee.
A credit card， debit card， or fintech app usually does the job － even for something
costing as little as 1－thousand won.
Most people in Korea are used to it.
″Since I came out， I′ve already paid for a couple of things， moved around here
and there too.
But not once did I have to pay for something in cash.
In fact， it′s rare to find places that require cash payments.″
Non－cash payments have become more commonplace as more people realize the convenience and
time saved by not carrying or having to count change； as well as the hygienic benefit
of reducing contact with ever－circulating cash.
″Card payments are convenient.
When I get cash， it takes a lot of time to make change， and even more if I have
to print out cash receipts.
Card payments are easy and simple， especially when I′m busy.″
Electronic payments amounted to 83 percent of all transactions made in Korea last year.
″Since the early 2000s， non－cash payments jumped from around 90 trillion U.S. dollars
to 450 trillion.
Korea′s electronic payment network is well－equipped compared to other developed countries， and
it′s already quite a convenient system.″
Preference of electronic payment methods brings about other social phenomena － like the
development of the market for streamlined card wallets and smartphone cases with card
pockets.
″Card or mobile payments make consumption more efficient.
It′s not just about shopping － there are also quick－pay systems like Hi－pass on
highways， and public transit cards.
In the bigger picture， diversification of transaction methods makes the economy more
efficient.″
Paying with cards and mobile phones also prevents cash－related crimes such as theft， bribery，
and tax evasion.
It even works to limit underground ecnomic activities because unlike cash， electronic
payments leave a record.
However， there still remains businesses which only accept cash， causing a bit of
friction between shop owners and customers.
″Many people pay with cards these days.
I don′t like it.
Our profits are lower because of card transaction fees， but there′s nothing I can do about
it.″
The current law charges business owners 1.5 percent of each transaction as fees to card
companies...
equivalent to 1－thousand 5－hundred won for every 100－thousand.
″From a shop－owner’s perspective， card transaction fees are a bit high.
I wish they could be lowered a