Skip to content
South Korea is recognised for its swift technological progress and significant role as a global tech leader. As such, the country is known for having some of the fastest and most dependable internet speeds worldwide. Additionally, South Korea has embraced digital finance with the widespread use of mobile payment systems. In this article, we will dive deeper into the 5 best ways to go cashless in Korea. Let’s take a look!
What are the 5 ways to go cashless in Korea?
1. Credit and debit cards
To go cashless in Korea, the most common payment method is the use of credit and debit cards. Whether you are a tourist or a long-term resident, you can still use these cards that are issued outside of Korea to make your purchases. Most restaurants and shops offer this option so you will be able to dine and shop conveniently.
For reference, please note that major credit card companies like Visa, MasterCard, and American Express are accepted. However, due to respective interest rates and fluctuating exchange rates and fees, this might be less cost-efficient as compared to other cashless payments.
Therefore, we would like to introduce another method to go cashless in Korea which is the ‘Wise debit card‘.
2. Wise debit card
What is a Wise debit card? It is a financial product offered by Wise, a company renowned for its international money transfer services. You can receive, send or convert money, managing all transactions within the same account seamlessly. If you apply for the card, you will receive a physical Wise debit card to be used for payments overseas.
Currently, it is available in 40 currencies and can be used in over 160 countries. Using the Wise debit card to go cashless in Korea will surely help you save on fees when sending money abroad. You can also access and manage money on the go globally, keep your currencies in one place, and convert them in seconds.
Even when you send money in large amounts, the transfers are free from hidden fees. You can try their calculator to see how much you can save versus high street banks. Most importantly, it is simple to start using Wise. All you need to do is to register for a free account in minutes, get verified with your ID by the Wise team, and add money in the currencies you want.
The benefits of using a Wise debit card are surely beautiful! Go cashless in Korea now! Read more on how to open an account here.
3. Mobile payments
Using mobile payments to go cashless in Korea is the most popular method preferred by locals. Why you may ask? Because all you need is your mobile phone when you head out for a quick grocery run or pick up lunch. The following are the most common mobile payment methods:
Samsung Pay: As the name suggests, you need a Samsung phone to be able to download and use the Samsung Pay app. In most cases, only Korean bank cards are compatible with the Samsung Pay integration while you’re in Korea.
Of course, if your international card supports Samsung Pay, you will have no issues with linking to the app as well. In this case, please check with your local bank.
Kakao Pay: Integrated with KakaoTalk, it’s used for both online and offline payments. To start, you need to register for a KakaoTalk account and then set up Kakao Pay by linking and verifying your Korean bank account. Lastly, you will also need to verify your Korean phone number. Afterward, you will then be able to top up funds into your Kakao Pay account.
Naver Pay: Offered by Naver Corporation, famous for their search engine, Naver Pay is used for various transactions and integrates with Naver’s ecosystem. Similar to Kakao Pay, you need to complete all the verification steps before you can add funds to Naver Pay.
For both Kakao Pay and Naver Pay, foreign visitors can link their credit cards to a Naver or Kakao account, or use a prepaid card that can be purchased at convenience stores. Nonetheless, please confirm that your international bank card is supported as there could be limitations due to region and jurisdiction.
While mobile payments in Korea mainly support Korean bank cards, if you are staying in Korea for more than 6 months, you are eligible to open a local Korean bank account with a physical debit or credit card. You will find our article on how to open a bank account in Korea useful.
4. Bank transfers
Bank transfer is also one method to go cashless in Korea. Most smaller restaurants and street food trucks allow this payment mode. Nonetheless, this is only feasible for bank-to-bank transfer with Korean banks. This is because most vendors only allow instant transfers, while international bank transfers will take up to one day for the funds to be sent and received.
5. T-Money card
T-Money is a widely used prepaid transportation and payment card in South Korea. Mostly used for transportation but you can also use it for purchases in convenience stores, some restaurants, and some cafes. A great alternative to go cashless in Korea, moreover you will need a T-Money card to get around in Seoul.
To top up amounts to the card, you may utilize the subway station recharge machines to top up the physical card whenever you wish to, but with cash only. If you do travel around often and patronise the convenience stores frequently, you can add larger amounts to the card at one time. Now you can simply bring along the T-Money card to visit your nearby convenience store and buy all your essentials or snacks conveniently. No need to worry if you run out of cash!
To go cashless in Korea has never been so easy and convenient! Now you are ready with the 5 best ways to go cashless in Korea!
Follow the Go! Go! Hanguk blog for more content, and be sure to contact us about living and studying in Korea!
