”Cashless” society...Elderly people ”alienated” = South Korea

The Bank of Korea has pointed out that as the number of stores and services that do not handle cash increases in South Korea, "many elderly people are finding this inconvenient."
Lee Kyung-tae, head of the Financial and Monetary Research Department at the Bank of Korea Economic Research Institute, and Park Ji-ho of Soongsil University
Professor Yebin of the Department of Economics made the statement in a report on the 31st titled "The relationship between digital literacy and cash demand during the COVID-19 pandemic."
According to the report, “Consumers with low digital literacy are more likely to use face-to-face payment methods, even in situations where non-face-to-face payment methods are forced upon them, such as during the COVID-19 outbreak.
"The researchers' simulation results showed that as the number of stores and services that do not accept cash increases, people with low digital literacy tend to spend less.
The inconvenience to consumers who use credit cards is expected to increase, especially for elderly consumers who are highly dependent on cash.
"The number of people with credit cards has decreased over the years, and many people over 70 do not have credit cards," he said, adding, "The basic means of payment are cash or debit cards, but there are many people who rely solely on cash."
I picked it.