[Graphic News] South Korean banknotes’ life span grows on increased reliance on cashless payments

South Korean banknotes saw their lifetimes increase on-year in 2022 as people use less cash and depend more on credit cards and internet banking for transactions, a central bank report showed.

According to the report from the Bank of Korea, the country’s smallest denomination bills, 1,000 won notes, had an average estimated lifetime of 70 months, with 5,000 won and 10,000 won bills lasting for 63 months and 135 months, respectively.

The largest face-value bill, 50,000 won notes, had a lifetime of 181 months.

They compared with lifetimes of 61 months, 63 months, 131 months and 178 months registered in 2021 for those bills.

The lifetime of a banknote is the span of time between the note’s printing and its destruction due to damage. (Yonhap)