Emart24 Launches Change Deposit Service to Bank Accounts

A customer is receiving change by depositing it through a mobile cash card QR code at Emart24.

[Asia Economy Reporter Seungjin Lee] Emart24 announced on the 14th that it will implement a change deposit account transfer service at stores nationwide.

This change deposit account transfer service corresponds to the second phase following the first phase accumulation service through prepaid electronic payment methods such as transportation cards by the Bank of Korea (previously the pilot project for a coinless society). In April last year, Emart24 signed a Memorandum of Understanding (MOU) with the Bank of Korea to promote the activation of the change deposit account transfer service.

Previously, when change under 1,000 won occurred at Emart24, customers could charge (accumulate) the equivalent amount to their transportation card or SSG Pay app. With the full introduction of the change deposit account transfer service, customers can now directly receive change under 10,000 won deposited into their own bank accounts.

Customers can receive change under 10,000 won after payment either on a physical cash IC card (credit/debit cards with cash IC function are also accepted) or a mobile cash card.

For physical cash IC cards, customers simply hand over the card to the store staff when change occurs. For mobile cash cards, change can be deposited via a QR code or barcode generated by pressing the ‘Accumulate Change’ button in the ‘Mobile Cash Card’ app.

The ‘Mobile Cash Card’ can be created by downloading the app from the Apple App Store or Google Play Store, completing identity verification, and registering a bank account. The Korea Financial Telecommunications & Clearings Institute operates the IT system for processing the service.

Currently, customers using accounts issued by 15 institutions including NongHyup, SC, Woori, Shinhan, Industrial Bank of Korea, Kookmin, Suhyup, Jeonbuk, Daegu, Gyeongnam, Busan, Jeju, Gwangju, and Nongchukhyup can use the change deposit account transfer service.

Meanwhile, as payment methods diversify, the proportion of cash payments at convenience stores is steadily decreasing. An analysis of Emart24’s sales by payment method over the past three years shows that the cash payment ratio was 33.7% in December 2018, 30.7% in December 2019, and 21.5% in December 2020.

Baek Jiho, Executive Director in charge of MD at Emart24, said, “If the change deposit account transfer service becomes widespread, it will reduce the burden and inconvenience of holding change, improving customer convenience and franchise store operational efficiency. Furthermore, we expect social cost reduction effects related to the issuance and circulation of cash.”

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