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- Author of the entry: Mennica Skarbowa
- Date of entry:
The world's first coins date back to around 600 BC. Today, after nearly 2,600 years, this most popular means of payment in history is slowly fading into oblivion. Among others, the residents of South Korea consider it obsolete and are preparing to completely abandon coins, primarily in favor of electronic payments.
What is the most convenient way to get rid of coins? For several days now, selected retail chains across Korea have been running a trial program in which change from purchases can be received in the form of a prepaid card top-up. If the idea proves successful, banks want to introduce the option of returning change from purchases paid for with banknotes directly to the customer's account. Perhaps this will be possible before the end of this year.
Convenience or savings?
The initiators of the project claim that they are primarily motivated by the convenience of South Korean citizens. However, the truth is somewhat different—convenience aside, the new system will allow for significant savings in coin production. According to The Independent, last year the country spent as much as $47 million on minting coins.
Representatives of the Bank of Korea believe that there is a good chance of a gradual transition from a coinless society to a paperless society. South Korea is already one of the countries where traditional physical money is becoming less and less important. Prepaid cards are widely used to pay for public transport and taxi rides, and cash is only used in one in five transactions.
Real and virtual money
With the development of technology, this trend is expected to spread. Regardless of convenience, preferences, or fashion, it is worth remembering that the only REAL money is that minted in precious metal.
