Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
From K-pop concerts to Olive Young, new travel card taps foreign tourist spending
Seoul’s shopping district of Myeong-dong bustles with foreign tourists and locals, June 24. Yonhap
By Lee Hyo-jin
Bank, travel platform and fintech firm team up on prepaid travel card for foreign visitors
Korea's inbound tourism is booming, with the country on track to welcome a record 23 million foreign visitors this year after arrivals surpassed 10 million in June.
Yet today's visitors are spending differently.
Beyond traditional sightseeing, they are increasingly traveling to Korea for K-pop concerts, beauty shopping at Olive Young, bargain hunting at Daiso and convenience store snacks.
As more travelers opt for independent travel over package tours, companies are redesigning payment products around the changing habits of foreign visitors.
Woori Bank, travel platform NOL Universe and fintech company Kona I are among the latest to respond to that shift. The three companies jointly launched the NOL World Card in May, combining transportation, payments and tourism-related benefits into a single prepaid service for overseas visitors.
During a recent interview with The Korea Times, officials who led the project said the goal was to create a product that simplifies the entire travel experience rather than merely offering another payment option.
"We don't see it as simply a payment card," said Choi Byung-se, manager at Woori Bank's international trade business department.
"Our goal is to support foreign travelers from the moment they arrive in Korea until they leave by connecting transportation, payments and tourism into one seamless journey," Choi said.
Joining Choi in the interview were Lee Su-jung, head of NOL Universe's global strategy planning team, and Kim Suk-hyun, head of Kona I's payment platform team.
Foreign visitors can apply for the card before traveling and pick it up at Woori Bank's foreign exchange counters at Incheon International Airport, where they can exchange currency and load payment balances in one stop.
The card can later be reloaded through ATMs nationwide, while payment balances can also be topped up at CU convenience stores.
From left, Lee Su-jung, head of travel platform NOL Universe's global strategy planning team, Choi Byung-se, manager at Woori Bank's international trade business department, and Kim Suk-hyun, head of fintech firm Kona I's payment platform team, pose during an interview with The Korea Times at Woori Bank's headquarters, June 23. Korea Times photo by Lee Hyo-jin
The idea grew out of what the three companies saw as a gap in Korea's tourism experience.
Although international credit cards are widely accepted in Korea, transportation, currency exchange, shopping rewards and travel reservations often remain fragmented across multiple services, requiring visitors to juggle several different platforms.
"We wanted to eliminate those friction points, particularly during the first few hours after travelers arrive," Choi said.
"The first few hours after landing in Korea can be the most confusing. Visitors need to sort out transportation, exchange money and decide how to pay. We wanted to make that experience much simpler," he added.
The travel card also reflects the growing influence of K-pop on Korea's inbound tourism market.
"One feature that distinguishes the product is its focus on K-pop fans, one of the fastest-growing groups of repeat visitors to Korea," Lee said, explaining that NOL World cardholders receive benefits tied to concert ticket purchases and discounts at partner stores selling K-pop merchandise and photo cards.
"Our data showed these travelers are highly engaged with Korean trends and are particularly responsive to new services and benefits," she said.
NOL Universe's overseas travel platform has accumulated more than 10 million members across more than 100 countries, with women in their 20s and 30s accounting for the largest share of users. Travelers from China, Japan and Taiwan make up its three biggest overseas markets.
Nol World Card / Courtesy of Nol Universe
About 1 in 5 members visited Korea more than once last year, she said, highlighting the growing number of travelers returning for concerts, shopping and other cultural experiences.
"Some fans rent Galaxy smartphones to take better close-up photos at concerts. That's why we partnered with rental providers to offer cardholders a 10 percent discount," Lee said. "We're constantly looking at every step of their journey to identify where the card can provide meaningful benefits."
That data-driven approach extends beyond K-pop.
While NOL Universe analyzes what foreign visitors search for and book before their trips, Kona I studies how tourists actually spend money after they enter the country.
"People often assume foreign tourists head straight to places like Olive Young or fashion retailer Musinsa," Kim said. "But our data shows convenience stores at the airport are actually where many visitors make their first purchase."
Those early transactions — snacks, SIM cards and other travel essentials — have become valuable indicators of how tourists move through Korea and where future benefits could have the greatest impact.
Current partners of the NOL World card include popular brands such as Olive Young, Musinsa, Daiso, Artbox and convenience stores.
"We will continue to study spending patterns throughout travelers' journeys so that we can provide benefits that reflect where they actually spend money," Kim said.
Fans cheer during BTS' comeback concert in Seoul, March 21. Korea Times photo by Shim Hyun-chul
The companies are also considering customized card designs featuring K-pop artists or other intellectual property through future licensing partnerships.
Since Kona I designs and manufactures its own payment cards, such collaborations would be easier to implement if agreements are reached.
"Unlike many other prepaid card issuers, we control everything from manufacturing to design," Kim said. "If fans want cards featuring their favorite K-pop artists, that's something we could pursue."
Woori Bank plans to introduce self-service kiosks to streamline card pickup and gradually expand pickup locations beyond Incheon International Airport to destinations such as Busan and Jeju Island.
Looking further ahead, the three firms said they hope to broaden the platform beyond short-term tourism by adding services for long-term foreign residents, such as international students.
"As inbound tourism continues to grow, we believe there is room to broaden services for foreign visitors, or those who choose to stay longer for work or study," Choi said.