Woori Bank to Launch Prepaid Card for Foreign Visitors in April

Woori Bank said Friday it signed a business partnership agreement, or MOU, with NOL Universe and Kona I to provide financial services built around a prepaid card designed for foreign customers.

The partnership aims to improve payment convenience and access to financial services for overseas tourists visiting South Korea. The three companies plan to jointly roll out the prepaid card service, targeting an April launch, and will work on system integration and building the partnership infrastructure.

The service will be offered through NOL Universe’s travel, ticket and experience platform, NOL World, in two formats: products bundled with high-demand items such as K-performance tickets and tourism packages, and a standard option that allows customers to purchase the card on its own.

Through Kona I Co., which operates domestic card payment infrastructure, the card will support transit payments as well as purchases at online and offline merchants. The companies also plan to offer special benefits at major merchants frequently used by foreign tourists.

Woori Bank said it will distribute the prepaid cards at currency exchange counters at Incheon International Airport so visitors can use them immediately upon arrival. It also plans to provide what it called industry-leading exchange-rate discounts for domestic use and to support exchange and top-up services through the bank’s unmanned exchange machines and ATMs.

“As demand from foreign tourists continues to rise, we have prepared a differentiated ‘Tourist Finance’ service that can be used conveniently anytime and anywhere,” said Kim Go-woon, deputy head of Woori Bank’s foreign exchange business division. “We will continue to expand financial services for global customers based on this partnership.”