Starting 20th April 2017, South Korea will be experimenting with a nationwide 'coinless trial'. Customers will have the option of depositing their small change into prepaid cards directly. Prepaid cards include transportation cards, bank cards or mobile payment accounts. 

The project allows 'consumers to deposit their change from purchases into prepaid or mobile cards' at supporting stores such as CU (a major South Korean convenience store chain), Seven Eleven, E-Mart and more. The trial is being led by the Bank of Korea (BOK). They state that their primary goal is to spend less on coin production. The secondary goal of the 'pilot project for a coinless society' is the convenience, BOK told Korea Times.  

According to Reuters, South Korea 'wants to go coinless by 2020' but this may be impossible because, for instance, 'many short-term foreign visitors may not bother to sign up for alternative payment methods.' CGTN reports that, 'some store-owners worry that scrapping coins may hurt the elderly, many of whom are still low tech and coin friendly'. 

In 2016, the bank reportedly spent the equivalent of 53.7 billion won or 47 million US dollars minting coins. They also estimate that '20% of transactions [within the country] are being settled with cash'. The smallest coin (the â‚©10 won) is valued at around half a British penny while the largest coin (the â‚©500) is valued at around 35p.

Such small values makes the people perceive losing the change as 'inconsequential'. This view is supported by a survey conducted by BOK, where two-thirds of those surveyed claimed that they no longer carry coins and half would support a cashless society.Â