Cashless Society Becoming a Problem for the Elderly in Korea

 
 

As many restaurants and shops around the nation are becoming cashless, relying only on credit and debit cards for cash, elderly citizens are finding hard to keep up with the times.

Most fast food restaurants around the nation have changed to kiosks while Starbucks has been operating ‘cashless stores’ in 103 stores nationwide since the 16th.

In Busan, five major shopping centers are cashless stores and if you need to use cash, you’ll need to purchase and recharge your store card with cash.

Many parking lots around the city have also become automated card pay as more and more shops are changing to cashless in order to save on increasing labor costs.

According to the Bank of Korea (BOK) announced in 2017, the ratio of those age 20-50 who are credit or debit card holders is well over 90%, but only 74.5% in their 60s and only 44.2% of those 70 and older use cards and prefer to deal in cash.

As Korea society is also aging rapidly, there are many elderly struggling to understand how to order and purchase goods and services these days.

Many stores in Korea have reported that less than 1% of sales are paid in cash, reducing the need for part-time workers as many small companies have struggled financially due to the rise of the minimum wage.

 

 

 

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