Credit card companies want to get rid of Paper Receipts

UNITED STATES - JULY 30: MasterCard logos appear on credit and debit cards arranged for a photograph in New York, U.S., on Thursday, July 30, 2009. MasterCard Inc., the world's second-biggest payment-card network, posted profit that beat analysts' estimates as the company raised fees and processed more transactions. (Photo by Andrew Harrer/Bloomberg via Getty Images)

Credit card companies in South Korea are consulting with financial authorities to make issuing paper receipts optional.

For South Korean credit card companies, issuing paper receipts is a cost they want to phase out following last year’s reduction in transaction fees.

Card companies argue that issuing paper receipts is not necessary since card users can check their transaction log via smart device applications or on its website.

KB Kookmin Card Co, for example, plans to introduce a new policy to make issuing credit-card sales slips optional starting next month.

“Financial authorities are positively considering the idea,” said a source familiar with the credit card industry. “We hope that they will decide on a plan that will ease off the cost.”