Monday, June 15, 2009

Video: South Korea ready to hang up on cash


South Korea is already a few steps ahead in the drive for a cashless society.

In one of the most technologically advanced countries on the planet, the e-commerce market is said to be worth around $500 billion a year. Online banking, credit cards and travel cards are already in widespread use.

But the government believes the mobile phone is the key to the future - a payment system that could finally lead to the long-heralded demise of notes and coins. ◦

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