Emart24 and Bank of Korea Promote 'Change Account Deposit Service'

MOU Signed on the 28th
System Construction to Be Completed for a Second Half Debut

[Asia Economy Reporter Minyoung Cha] Emart24 announced on the 29th that it signed a Memorandum of Understanding (MOU) on the afternoon of the 28th at the Bank of Korea headquarters to promote the change deposit account transfer service.

The change deposit account transfer service allows customers to deposit change under 10,000 KRW remaining after cash transactions at Emart24 into their bank accounts via cash cards. Citibank is excluded from this service.

The service will proceed by recognizing either a physical cash card or a mobile cash card, which is a QR code or barcode generated on a smartphone, on Emart24 terminals to process deposits into the corresponding bank account. After system development, the service is planned to start within the second half of the year.

Once the service is implemented and established, customers are expected to be relieved from the burden of holding change, and Emart24 franchise stores can reduce the amount of change under 10,000 KRW they need to prepare.

Jiho Baek, Executive Director in charge of MD at Emart24, said, “We plan to build a system in cooperation with the Bank of Korea that allows change to be deposited into customers’ accounts and launch the service in the second half of the year.” He added, “This will not only enhance customer convenience and operational efficiency for Emart24 franchise stores but is also expected to reduce social costs related to cash issuance and circulation.”

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