Woori Bank's prepaid card for foreign visitors surpasses 10,000 issuances amid rising inbound tourism
Summary
Woori Bank’s NOL World Card for foreign visitors reached 10,000 issuances within three months of launch, the bank said Wednesday. The card was developed with NOL Universe and Kona I to help international travelers pay, reload funds and withdraw cash more easily in Korea. The bank said it is also planning to expand access points, including university campus branches, for short-term foreign residents such as exchange students.
Key Facts
- Foreign arrivals reached 10.71 million in the first half of this year, up 23.1 percent from a year earlier, according to the Ministry of Culture, Sports and Tourism.
- The NOL World Card can be picked up immediately upon landing at Woori Bank exchange counters at Incheon International Airport.
- The card combines currency exchange, balance reloads, ATM withdrawals and merchant payments without requiring a local bank account or standard payment card.
- Card transactions have been concentrated in convenience stores, beauty outlets and fashion retailers.
- Woori Bank plans to widen the service through its university campus branch network to serve short-term foreign residents, including exchange students.
The NOL World Card developed jointly by Woori Bank, NOL Universe and Kona I / Courtesy of Woori Bank
Woori Bank’s specialized prepaid card for foreign visitors, dubbed the “NOL World Card,” reached the 10,000-issuance mark within just three months of its market debut, the bank said Wednesday.
The card, jointly introduced by the bank, travel platform operator NOL Universe and fintech company Kona I, aims to make local financial transactions and daily shopping more convenient for international travelers amid the surge in inbound tourism and the corresponding need for easy-to-use local payment options.
Data from the Ministry of Culture, Sports and Tourism show that foreign arrivals reached 10.71 million in the first half of this year, representing a 23.1 percent year-on-year increase. However, short-term visitors have long struggled with local financial barriers, as opening bank accounts or securing domestic credit and debit cards can be difficult, often leaving them reliant on cash exchanges or international payment methods.
Designed to address these issues, the NOL World Card can be collected immediately upon landing at Woori Bank exchange counters at Incheon International Airport. It combines currency exchange, balance reloads, ATM withdrawals and merchant payments into a single card, all without requiring a local bank account or standard payment card.
The bank said it has sought to make financial transactions more convenient for international visitors by leveraging its widespread financial network, encompassing Incheon airport counters, nationwide branches, ATMs and automated exchange kiosks.
The bank noted that transactions using the card have been primarily concentrated in retail sectors popular with travelers, including convenience stores, beauty outlets and fashion retailers.
Cardholders can enjoy the bank’s preferential foreign exchange rates, along with promotional perks at major partner brands like GS25, Olive Young and Musinsa, enhancing their travel and shopping experiences.
Following the 10,000-card milestone, the lender intends to broaden the availability and access points for the service. In particular, the bank plans to tap into its university campus branch network to extend access to short-term foreign residents, such as exchange students, who frequently encounter difficulties setting up local banking services due to their limited stay.
“We will continuously expand access points and cardholder rewards to ensure an even better financial experience for foreign visitors,” a Woori Bank official said.
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