Use of 100,000 Won Checks Plunges Due to Demand for 50,000 Won Bills

Write : 2017-10-05 16:48:32 Update : 2017-10-05 16:49:19

Use of 100,000 Won Checks Plunges Due to Demand for 50,000 Won Bills

Checks for 100-thousand won are gradually disappearing as more and more people are using 50-thousand won bills and paying with their credit cards.
 
According to the Bank of Korea on Thursday, payments made with 100-thousand won checks in the first half of the year amounted to 47 billion won daily on average, or down 24 percent from the same period last year.
 
The figure is down 85 percent compared to the first half of 2009, or before 50-thousand won bill were issued.  
 
Demand for 50-thousand won bills has rapidly absorbed demand for checks as the bills are more convenient to use and have zero risk of being traced.
 
As of the end of August, some 81-point-seven trillion won worth of 50-thousand won bills were issued, up around ten trillion won from a year ago.

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