America doesn’t really have a functional system for this yet either. It’s a lot easier to just tap your phone on a brick and be done with it, but currently the tap method is pretty hit or miss. And bank transfers are atrocious - why do we pay venmo to do something that Korean banks just straight up do for everyone? In Korea you can just give someone your deposit number and with a couple buttons you send money easily/instantly.
Theoretically the situation with bank to bank money transfers should be improving - the replacement for the ancient, slow ACH system went live a few months ago. Of course it will likely take several centuries for a critical mass of banks to support it, but there has been some progress at least.
I have a really slim wallet, which is only possible because I never have to use cash. Also cash is dirty. I can wash my phone once a week to keep it clean but I can’t do that with cash (well I can but what’s the point, and I’ll get accused of money laundering /j). It’s inefficient since you have to count your coins and bills and the cashier needs to do the same and then you have to check if you got the right change. You can also misplace cash, especially coins.
Meanwhile I haven’t had to handle cash for like 6 years now except for extremely rare circumstances and it just feels way better.
It’s not even accurate anymore. Cards are accepted in a lot of places.
It was absolutely true 10 years ago, though. It’s inconvenient always needing to think about how much cash you need to bring, and having a pocket full of change because it’s significant denominations.
Also, their banks are only open on weekdays and close super early. Bank lines were (are?) massive because everyone had to go at the same time due to work hours.
Yeah, like what’s wrong with cash?
America doesn’t really have a functional system for this yet either. It’s a lot easier to just tap your phone on a brick and be done with it, but currently the tap method is pretty hit or miss. And bank transfers are atrocious - why do we pay venmo to do something that Korean banks just straight up do for everyone? In Korea you can just give someone your deposit number and with a couple buttons you send money easily/instantly.
Theoretically the situation with bank to bank money transfers should be improving - the replacement for the ancient, slow ACH system went live a few months ago. Of course it will likely take several centuries for a critical mass of banks to support it, but there has been some progress at least.
I don’t know much about Korea. Do they have laws limiting how much you can be tracked and marketed to?
I have a really slim wallet, which is only possible because I never have to use cash. Also cash is dirty. I can wash my phone once a week to keep it clean but I can’t do that with cash (well I can but what’s the point, and I’ll get accused of money laundering /j). It’s inefficient since you have to count your coins and bills and the cashier needs to do the same and then you have to check if you got the right change. You can also misplace cash, especially coins.
Meanwhile I haven’t had to handle cash for like 6 years now except for extremely rare circumstances and it just feels way better.
It’s not even accurate anymore. Cards are accepted in a lot of places.
It was absolutely true 10 years ago, though. It’s inconvenient always needing to think about how much cash you need to bring, and having a pocket full of change because it’s significant denominations.
Also, their banks are only open on weekdays and close super early. Bank lines were (are?) massive because everyone had to go at the same time due to work hours.
Annoying to deal with