South Korea to go cashless in four years.

The Bank of Korea is planning to implement a cashless economy by 2020.

In 2014 the Bank of Korea issued an average of 7.3% less banknotes (across 1000, 5000 and 10000 Won denominations).

As large technology providers occupy the payment space, services such as Apple Pay, Samsung Pay and the forthcoming LG Pay, it is now easier and more convenient to make transactions almost anywhere.

Whilst government bodies like the idea of eliminating cash from a law enforcement perspective. Tax evasion becomes a lot harder if everything is tracked. Concerns have been raised that negative interest rates could create issues in a cashless society for those who try to save. Currently, ‘mattress money’ remains unaffected by negative interest rates..

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