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Korean convenient stores from next year to stop returning changes in coins

Collected: 2016.12.01

Distributed: 2016.12.02

Source: Go Direct

In an aim to materialize “coinless” society and save cost, the Bank of Korea will start a trial service from the first half of next year to have convenient stores return changes in prepaid cards.

According to the central bank Thursday, changes after cash purchases at local convenience stores will be returned in prepaid cards. Convenience stores are selected for the test-run project as they usually make small transactions and already have devices charging prepaid cards.

The central bank plans to gradually expand the program to include more stores and retailers and come up with various ways to return the changes not only in prepaid cards but in credit cards or bank accounts.

According to survey conducted by the central bank from June to September, 50.8 percent of the respondents said they approved the idea of the society going coinless while 23.7 percent opposed to it.

By Boo Jang-won

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