Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
INTERVIEW i-Aurora CEO brings joy to K-pop fans' payment experience
Fans line up to receive Namane Cards in front of a kiosk in Incheon International Airport, July 23. Courtesy of i-Aurora Co.
By Lee Yeon-woo
International K-pop fans frequently use payment methods like PayPal or Alipay to buy albums and merchandise. However, the commissions for these international payments are two to three times higher compared to using domestic credit cards in Korea.
This drove Chang Young-su, CEO of fintech firm i-Aurora Co., to develop the Namane Card. His aim was to create a payment solution that K-pop fans and tourists visiting Korea could use easily and affordably, enhancing their payment experience.
The Namane Card merges a transportation card with a prepaid payment function. Its standout feature is a DIY format, enabling users to personalize the card with their own photos, often showcasing their favorite K-pop stars.
"As Korea moves toward becoming a cashless society, many stores no longer accept cash, making it essential for foreign tourists to have convenient payment methods," Chang said in a written interview with The Korea Times. "The card can also reduce the risk of hacking that can occur when using personal credit cards during travel."
i-Aurora Co. CEO Chang Young-su / Courtesy of i-Aurora Co.
The cards are available for purchase at Incheon International Airport, subway stations and convenience stores. They can be recharged using cash, credit cards or digital payments. Any remaining balance can be used for purchases from Korean online malls or exchanged upon leaving the country, making for a practical and memorable souvenir from a trip to Korea.
Namane Cards designed featuring members of K-pop boy group SEVENTEEN / Courtesy of i-Aurora Co.
So far, 600,000 foreign tourists have obtained the card, according to Chang.
After majoring in sports marketing at university and gaining experience working at the largest unmanned ticketing machine manufacturer in the country, Chang founded i-Aurora Co. in 2013. He said the card is the product of careful consideration.
"Large corporations can use popular marketing strategies in their payment services, such as offering points and discounts. However, the overseas Alpha and Gen Z generations we targeted tend to spend actively only in areas of their interest. Therefore, we aimed to create a method that focuses on specific fandom markets and communities," Chang said.
"Our primary goal was to develop a module that enables easy recharging of the card using various payment methods from different countries, without the need for currency change. We are continuously expanding our range of recharging options."
Chang said the firm is creating a variety of products through collaborations with companies that hold diverse intellectual properties. It is gaining popularity among fans by producing limited edition cards for various K-pop events, such as a recent SEVENTEEN fan meeting.
"We are also planning products that can give back to fans in collaboration with entertainment companies."
Chang said the driving force behind his continued efforts in the business is his employees.
"Each employee brings their unique individuality and creativity, and I believe true innovation emerges from their collective challenges and collaboration," he said.