How is North Korea moving toward a "no-money" society?



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Wednesday, February 6, 2019 13:00 PM (GMT + 7)

The Daily NK of Korea said that North Korea is moving towards a society with no money, adopting new financial technologies to support mobile payments, as well as accelerate economic growth.

For many countries around the world, such as China, the fact that commercial shopping malls and large chain stores use mobile payment methods have become very familiar. Even restaurants, bookstores, coffee shops and busy streets, online payment is also being widely adopted.

Korea is moving towards a society & # 34; no money & # 34; as? - 1

The trend of mobile payment is increasingly widely used in Korea.

But for Korea, a country surrounded by international sanctions, the application of telephone payments seems strange.

But, according to the NK Daily, not a few Koreans are using the form of transaction through the money stored on cell phones to buy and sell goods.

An unidentified source in South Pyongan province said Korean customers using Koryolink's mobile network could receive 200 minutes of calls a month, paying only 2,850 Korean won per quarter.

In Korea, to transfer money to other people, mobile phone users only need to enter the first 3 digits of the encrypted personal number and the recipient's phone number. Users can transfer money via SMS.

Many Koreans use this method of payment to transfer money to relatives or partners who live in remote areas. But there are areas such as the province of Bac Hamgyong, the local people use the form of payment by phone to buy and sell goods in the market for frogs or also called Jangmadang.

According to the NK Daily, only a few provinces in Korea have applied new forms of payment, so it is unclear whether this method has been applied across the country. But surely one thing is that the trend is increasingly used.

At a seminar held by the Korea Finance Institute in December 2018, IBK Economic Vice President Cho Bong-hyun said that Korea could apply Kenya's M-Pesa payment model to change the trading method.

Specifically, a bank in Kenya applied the form of payment via SIM card called M-Pesa in 2007. M-Pesa is quickly applied in the country where people do not know the concept of dong bank Time to create favorable conditions for people buy and sell, as well as transfer money. More importantly, when the Kenyan people no longer use money, the problems of theft and fraud also diminish. In addition, people no longer need to witness long lines to withdraw money or perform other transactions at the bank. Since then, the quality of life of the Kenyan people has been constantly improved.

"The number of mobile phone users in Korea reached about 6 million. Smart phones appeared in North Korea in 2013 and so far about 20 smartphone products are produced by North Korea," Cho said.

According to Cho, in order to apply telephony extensively, North Korea needs to upgrade its infrastructure, such as ordering ATMs at airports, railway stations, shops and buildings to facilitate people's work. access to new forms of payment. It is estimated that Korea will initially need to install about 20,000 ATMs. In addition, building a network of connections between Korean banks is also extremely important to facilitate trading activities.

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