S.Korean banknotes' lifespan rises on lower cash demand

South Korean banknotes' lifespan rose this year on lower cash demand, central bank data showed Wednesday.

The average estimated lifespan for 50,000-won (38 U.S. dollars) notes, the country's highest denomination bills, was 181 months in 2022, up from 178 months in the previous year, according to the Bank of Korea (BOK).

The lifespan for 10,000-won (7.6 dollars) and 1,000-won (76 cents) bills gained to 135 months and 70 months each in 2022 compared to 131 months and 61 months in 2021.

The 5,000-won (3.8 dollars) bills' lifetime was unchanged at 63 months.

The banknotes' lifespan, or a span of time between the printing and the destruction, was prolonged as people used less cash and depended more on non-cash means of payment such as credit cards and Internet banking.