Finance:K-CASH
K-CASH is an electronic money system established by 'Korea Financial Telecommunication and Clearings Institute'.
K-CASH card is easily obtained from issuing bank. Several banks are issuing K-CASH card, including two credit card companies as of 2011.[1] Users can load or unload value from their own account at bank counter, store, ATMs and online. Unlike other market dominant "transport cards", unloading K-CASH value to owner's account is done real-time, as a law only permits real-time transaction to electronic money, not to prepaid card.
South Korean Army, and Chuncheon, Hoengseong, Wonju buses adopt K-CASH as a major payment system. At first, K-CASH was mainly promoted as electronic fare collection system. Despite its advantage, such as bank guarantees its payment or real-time transaction, market dominant systems like T-money or Mybi/Cashbee system drive it out of the market. As of November 2011, following cities and railroad systems are using K-CASH as their public transport fare collecting system.[2]
Card issuers
- Citibank Korea (discontinued)
- Daegu Bank: Andong (discontinued)
- Hana Bank: Chuncheon, Wonju (discontinued)
- Industrial Bank of Korea (discontinued)
- Kookmin Bank/Kookmin Card (discontinued)
- Samsung Card (discontinued)
- Standard Chartered Korea: Chuncheon, Hoengseong, Wonju
- Shinhan Bank/Shinhan Card: all branches (discontinued)
- Woori Bank: all branches, including Kaesong Industrial Zone (discontinued)
References
External links
- Korean Official homepage
- English KFTC homepage
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