Seoul, Beijing, Tokyo Eye Joint ATM Network

I read about an article about integrating bank systems in three countries(Korea, China and Japan). South Korea has proposed China and Japan to make a joint ATM machines to enable travelers to withdraw cash at low costs from any where. The (BOK)Bank of Korea is planning to set up a joint electronic payment system controlling cash machines that are available to use in three countries.
The Central banks of South Korea, China and Japan agreed to discuss the idea and are conducting fesibility studies. The Bank of Korea suggested that countries should clear various obstacles to link ATMS (including cash machines). They said three countries need to stadardize related systems and design new cards to work by all ATMs in the If three countries decide to set up the joint network, soon they will launch a pilot system in a year of two. Korean, Japanese and Chinese travelers in Korea are currently using Visa or Master cards to withdraw cash in Tokyo, Beijing and seoul which they pay high fess for using currency exchange services and the card firm’s international network. People of Korea, China and Japan can save money under the new system of using cash machines in each others country. Also, they can use the same cash card in all the countries. The newly designed card will became a popular item for travelers because of Seoul, Beijing and Tokyo making efforts to promote cultural exchanges. The South Korean credit card spending in overseas had reached a new high of $6.37 billion in 2007. The number of travelers overseas has increased 13.3million which is twice the number of inbound travelers at 6.4. Most foreign tourist paid for goods and services in cash rather than with credit cards because of the won’t appreciation against major currencies.
In my opinion, implementing this system is a good way to improve customer service. Also, three country’s central bank will operate their system in an effective and efficient way because of integrating their bank systems. I am optimistic of this attempt in integrating three banks. The reason is that this will not only influence bank systems to consumers, but this will be an opportunity to share cultures and languages among countries so that they will improve both economic and political ways in the future.

http://koreatimes.co.kr/www/news/biz/2008/04/123_23115.html

20620042 entry - #7