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BOK launches service that transfers customers' change directly into their bank accounts Updated: 2020-09-08 17:02:40 KST

A customer goes over to the register and pays in cash.
But instead of receiving his change in coins, he opens a mobile app.
When the cashier scans the QR code, the change is directly transferred into his bank account.

"This new service by the Bank of Korea was invented as part of the Coinless Society Project, which aims to eliminate loose change from our lives."

"This service reduces the inconvenience of having to carry around change, while also lowering the social cost of issuing and circulating cash."

The convenience store chain Ministop was the first to launch the service last Thursday at all of its stores nationwide.
By the end of the year, the service will be available at more than 7-thousand convenience stores including E-mart 24 as well as 15 department stores and eight outlet shops run by Hyundai.
For those who have difficulty using a mobile app, a card linked to the customers' bank accounts can also be used.

"We're thinking this service will benefit retailers, as they don't have to go to banks all the time to change coins."

A similar trend can also be seen in coffee shops.
Six out of ten Starbucks in Korea are 'cashless stores', which means stores prefer to accept card payments.
The coinless system is likely to spread to more stores, slowly making coins a thing of the past.
Bae Eun-ji, Arirang News.
KOGL : Korea Open Government License
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