Seoul: The central bank has issued a call to action for measures to maintain the cash circulation system amidst a noticeable decline in cash acceptance on public transportation and in stores, as well as by other entities. This appeal was articulated during a recent meeting of the currency circulation system council, which included the Bank of Korea (BOK) and other relevant organizations.

According to Yonhap News Agency, BOK official Kim Gi-won highlighted that an increasing number of buses, stores, and even local government-affiliated institutions have started to restrict cash payments recently. The industry is also undergoing changes, with some cash transportation firms and non-bank ATM operators halting their operations. Kim emphasized the necessity for proactive measures to preserve the cash circulation infrastructure.

The discussion also covered how demographic shifts and digital transformation are reshaping the cash-use ecosystem. Participants expressed concerns about the potential rapid shrinkage of bank branches and ATMs in non-capital regions as the population continues to concentrate in the Seoul metropolitan area.

The BOK committed to enhancing information sharing and cooperation among related institutions. The aim is to develop necessary policy measures and ensure a sustainable cash circulation infrastructure.