Paper Receipts to Disappear... Optional Issuance Starting Next Month

You Must Bring the Physical Card for Exchanges and Refunds

[Image source=Getty Images Bank]

[Asia Economy Reporter Ki Ha-young] From now on, consumers will be able to choose whether to receive paper receipts after card payments. This is due to the expansion of digitalization in the financial sector, which has diversified the ways to check card usage details through text messages or KakaoTalk.

The Korea Credit Finance Association announced on the 14th that it will implement 'optional issuance of card receipts' in accordance with the amendment to the Enforcement Decree of the Value-Added Tax Act, which took effect on the 11th.

Optional issuance of card receipts means that consumers can choose whether to print a receipt on the card terminal before receiving it after using a card. Consumers who need a receipt can receive it as before, and those who do not need it can choose not to print it at all. However, in the case of installment transactions, receipts will be automatically issued as before.

Card terminals capable of optional receipt issuance will be released starting next month. New terminals will be equipped with receipt printing and non-printing functions. Currently used terminals at merchants can continue to be used as before, but merchants can add the optional issuance function if they wish.

This measure is also expected to reduce the costs associated with issuing paper receipts. Financial authorities estimate that about 120 billion KRW is spent annually on issuing paper receipts alone. Receipt paper is supplied to merchants by card companies through VAN (Value Added Network) companies. The production cost, including printing costs, is about 7.7 KRW per sheet. The card industry had requested a relaxation of the mandatory paper receipt issuance regulation as a cost-saving measure due to the reduction of merchant fees.

Consumers can exchange or refund even without a physical card receipt. However, they must carry the physical card used for the payment and check the approval number, usage date and time, and amount required for cancellation in advance through the card company’s website or application. The card industry plans to improve accessibility to websites and mobile applications so that consumers can conveniently check their card usage details.

This content was produced with the assistance of AI translation services.