S. Korean President Eyes Converting Unused Card Points to Local Currency

South Korean President Lee Jae-myung has directed officials to explore converting unused credit card points into local currency, a move that could benefit regional economies. Over the last five years, an estimated 100 billion won (approximately $75 million USD) in card points has expired annually, becoming unclaimed revenue for card companies.

The President highlighted during a State Council meeting that many points accumulated through card payments, shopping, and various membership programs remain unutilized. The directive aims to find a way to channel these dormant funds into the local economy, potentially boosting regional commerce and providing tangible benefits to consumers.

While specific details of the conversion mechanism are still under review, the initiative signals a government effort to increase the circulation of funds and support local businesses. The focus is on identifying and activating these unused points, which currently represent a significant amount of unclaimed value within the financial system.