But the term also reflects the bitter emotion felt by the Korean people. In a sense, such emotion has some reasonable grounds in that the pain might have been much less acute if there had been an adequate GFSN at the time of the Asian crisis. The U.S. financial crisis highlighted the risk of sudden reversals of capital flows in emerging market countries.
The payment system today is vibrant, robust and technologically superior with multiple payment instruments, multiple access points and delivery channels to choose from. However, the benefit of modern payment system is yet to fully percolate to all segments of the society. As a result, a substantial portion of the population is still outside the realm of the formal and modern payment system.