Cards, not cash are king in Korea

When I first arrived in Korea as a young American Peace Corps Volunteer in 1971, cash was king.  Virtually all commercial transactions were conducted in cash.  That meant that one of our priority tasks upon arrival was to have a personal dojang (seal) made so that we could open a bank account and deposit or withdraw cash.   I lived in Chuncheon, the capital of Gangwon province, but Peace Corps living allowances were dispensed in cash at the Peace Corps Office in downtown Seoul, near Gwanghwamun, so we traveled to Seoul on average twice a month. How times have changed!
Late last month the Korea Joongang Daily published an article entitled "In Korea, cash is no longer King."   Among other things, it reported data from a Bank of Korea study showing how much cash Korean's carry in their wallets these days, broken down by age cohort.   (click on the infographic to see a full size version)
These days, Korea leads the world in use of various forms of electronic payment, including credit and debit cards, smart phones and most recently the introduction of Internet banking.   According to the Bank of Korea, only about 20 percent of financial transactions these days involve cash.  Welcome to 2017 in the world's digital network leader!