Korea grapples with declining ATM use in rapid shift to cashless society

Park Eun-sook, a convenience store owner in Seoul’s financial district of Yeouido, says she increasingly considers removing the automated teller machine (ATM) that was installed in her store 15 years ago. “Back then, several people withdrew cash late at night on weekdays — usually for a couple of drinks at street stalls,” Park said, referring to vendors that serve snacks and alcoholic beverages from tents or other mobile structures. “But I hardly see those withdrawals anymore. Even the stalls, which used to accept only cash for convenience, now take credit cards or accept mobile bank transfers," she said. Park’s experience reflects a broader shift toward a cashless society, with ATM usage rapidly declining in Korea. According to data released by the Bank of Korea (BOK) Wednesday, the amount of cash withdrawn or transferred using ATMs and other cash machines totaled 12.07 trillion won ($8.62 billion) in June, a 10.7 percent decrease from a year earlier. The figure was the lowest since February 2000, when it was 10.97 trillion won. The number of ATM transactions also fell to 21.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times