K-Cash

K-CASH logo.

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

0.00 (0 votes) Original source: https://en.wikipedia.org/wiki/K-CASH. Read more