The Bank of Korea is aiming for a “cashless society” by 2020. The bank’s officials plan to provide South Koreans with cards instead of coins, since consumers are increasingly becoming comfortable with cashless payments due to the prevalence of mobile wallets, smartphones and mobile banking. Koreans now carry less cash as it gives way to credit cards and fintech payments. Now if a consumer were to purchase a 9,500 won item and pays cash using a 10,000 won banknote, the shopper would be credited 500 won to his or her prepaid card instead of getting a 500 won coin in change. The Korea Times reports: Korea is not the only country wanting to become cashless. “A number of developed countries are turning to non-cash policies to enhance the effectiveness of their economic systems,” said Lee Hyo-chan, the head of the research center at the Credit Finance Institute. Sweden, which is one of the pioneers in this move, has a cash payment ratio around 20 percent, much lower than the global average of 75 percent. It restricts using cash for public transportation, and many banks do not handle cash. Some countries, mostly in Europe, ban using cash for large transactions, according [...]