TECHNOLOGY | Staff Reporter, Korea

Starbucks Korea goes cashless at 100 more stores this month

The decision was made due to constant decline in cash payments in the country.

Amid rising use of credit cards and mobile payment systems, Starbucks Korea announced that it will increase the number of cashless stores to over 100 across South Korea starting on July 16.

As reported by Yonhap News Agency, the global coffee giant said the decision is part of its “broader digital innovation drive”, citing the decline of cash payments at stores in South Korea, from 31 percent of the total in 2010 to 15 percent in 2013 and 7 percent last year.

"South Korea has a high utilization rate of credit cards and mobile payments. That coupled with the country's well-established digital infrastructure enabled our latest expansion decision," Starbucks Korea CEO Lee Seock-koo said.

Earlier in April, Starbucks began a test run of three cashless stores in major office districts in and around Seoul where cash transactions at those stores has since dropped from 3 percent to 0.2 percent, according to the joint venture between Starbucks Coffee International Inc. and South Korean retail giant Shinsegae.

(Photo credit: Starbucks Korea Facebook page)

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