Woori Bank said Wednesday that its NOL World Card, a prepaid card for foreign visitors, surpassed 10,000 issuances just three months after its launch.
Developed with travel platform operator NOL Universe and fintech company Kona I, the card allows visitors to exchange currency, add funds, withdraw cash and make payments in Korea without opening a local bank account.
Customers can collect the card at Woori Bank counters at Incheon Airport upon arrival. Related services are also available at the bank’s branches nationwide, automated teller machines and unmanned currency exchange kiosks.
Demand for visitor-friendly payment services has grown alongside Korea’s tourism recovery. The country welcomed 10.71 million short-term foreign visitors in the first half of this year, up 23.1 percent from a year earlier, according to the Ministry of Culture, Sports and Tourism.
Foreign visitors often face difficulties opening local bank accounts or obtaining Korean credit and debit cards, leaving many reliant on cash or overseas-issued cards. Among other problems, this can limit or prevent the use of many Korean mobile apps.
Since its launch, the NOL World Card has gained traction at convenience stores and cosmetics and fashion retailers popular with international tourists. It offers benefits at partner brands including GS25, Olive Young and Musinsa, as well as preferential exchange rates from Woori Bank.
Following the 10,000-card milestone, Woori Bank plans to expand access through its university branches, targeting exchange students and other short-term foreign residents who may have difficulty using domestic banking services.
“The NOL World Card is a tourism-focused financial service that gives foreign visitors convenient access to the services they need during their stay in Korea,” said Kim Ko-woon, deputy head of Woori Bank’s Foreign Exchange Business Division.
“We will continue expanding access and benefits to make travel in Korea more convenient.”
jyoungseon8@heraldcorp.com
