Woori Bank’s prepaid card for tourists tops 10,000 issuances

Woori Bank’s prepaid card marketed toward foreign tourists surpassed 10,000 in total issuances in three months since its release, the bank said on Wednesday.

The NOL World Card, launched in partnership with travel platform NOL Universe and fintech firm Kona I, allows users to exchange foreign currency at a preferential rate, load funds onto the card, withdraw cash and make payments upon receiving the card at Incheon International Airport. The card is available to those without a local bank account or a Korean credit or debit card.

Card usage was concentrated largely at convenience stores and fashion and beauty retailers, which are popular among foreign tourists. Woori Bank plans to expand the card’s target audience beyond tourists to short-term foreign residents in Korea, including exchange students.

“The NOL World Card is a tourism-focused financial service designed to help foreign visitors conveniently access the financial services they need during their stay in Korea,” said Kim Ko-woon, deputy general manager of Woori Bank’s International Trade Business Department.

“We will continue to expand the channels through which the card can be used and the benefits it offers to make banking experience more convenient for foreign visitors,” Kim added.

The number of foreign visitors to Korea reached 10.71 million in the first half of the year, up 23.1 percent on year, according to the government data.

BY JIN MIN-JI [[email protected]]