The First Thing Foreign Tourists Look for in Korea – 'Namane Card'
What’s the first thing foreign tourists do when they arrive in Korea?
At places like Incheon Airport, Seoul Station, Myeongdong Station, and Busan Station, you’ll see long lines of people waiting eagerly in front of kiosks to get their hands on the 'Namane Card.'
This is not just a prepaid card; it’s a multifaceted financial tool that allows foreign visitors without a Korean bank account to use it as a transportation card, make offline payments, online micro-payments, and even deposit money into bank accounts.
The Namane Card is particularly popular among K-pop fans who can personalize their card with photos of their favorite artists, making it even more special.
Namane Card Becomes a Must-Have for Foreign Tourists
Founded in 2013, IO Aurora initially started its business by operating self-service kiosks for issuing photo tickets at theaters and performance venues.
They later combined this ticketing technology with fintech to expand into the electronic financial services sector, leading to the creation of the Namane Card.
The success of this card goes beyond just providing financial services. It offers a personalized experience, allowing foreign tourists to feature their favorite K-pop artists on their cards, adding a unique charm that’s hard to resist.
The Namane Card can be easily topped up through a dedicated app using various methods such as card payments, bank transfers, or mobile payments. It also allows for balance checks and money transfers. Users can even earn cashback when using the card at partner restaurants, cafes, beauty shops, and shopping or activity venues.
The card’s ability to allow foreign tourists to top up and use Korean won without the hassle of currency exchange reduces the burden of high foreign transaction fees, making it an even more attractive option.
The Namane Card is designed to do more than just hold money; it encourages repeated use by making it difficult for users to spend the balance down to exactly zero, prompting them to top up frequently.
This strategy not only retains customers but also stimulates more spending within Korea, benefiting the local economy.
Namane Pass: Combining Transportation and Communication
Recently, IO Aurora partnered with LG Uplus and Korea Railroad Corporation (KORAIL) to launch the 'Namane Pass,' an extension of the Namane Card’s capabilities.
The Namane Pass allows unlimited use of subways and buses, as well as round-trip access to the airport railroad. Additionally, the pass offers mobile communication services, allowing tourists to use LG Uplus mobile services unlimitedly for a specified period.
Visitors can pick up a physical SIM card at the LG Uplus airport counter or download an eSIM.
The Namane Pass has quickly become a must-have item for foreign tourists, combining the convenience of transportation with communication services.
IO Aurora’s Future: Aiming to Become a Global Fintech Leader
IO Aurora is not just focusing on services for tourists; they are also expanding into the B2B fintech sector.
One of their strategies involves providing an anonymous prepaid financial platform via API, which allows companies targeting the Hallyu fandom or foreign remittance services to easily handle Korean won transactions.
This initiative aims to increase the usage frequency of remittance services, which are commonly used by foreign workers in Korea.
CEO Jang Young-su explained that their API is designed to make it easier for foreign tourists to handle payments in Korea, with the ultimate goal of exporting Korean fintech technology to the global market.
He emphasized that while K-pop has gained worldwide recognition, Korean fintech technology has yet to make its mark globally.
By making prepaid cards easily accessible to K-pop fans and enabling them to use Korean financial services, IO Aurora aims to bridge this gap.
Namane Card, A Must-Have for Tourists in Korea
IO Aurora’s Namane Card has become an essential tool for foreign tourists in Korea, making their stay more convenient and enjoyable. Beyond being a payment tool, it offers K-pop fans a personalized experience, turning it into a cherished item. With various benefits and convenience, the Namane Card has established itself as a must-have item for foreigners visiting Korea.
As IO Aurora aims for global expansion, it will be exciting to see how the Namane Card performs on the world stage.
3 line summary for you
- The "Namane Card" is a must-have for foreign tourists in Korea, offering transportation and convenient payment options.
- The card's popularity is boosted by its customizable design, allowing K-pop fans to feature their favorite artists.
- Aiming for global fintech growth, IO Aurora plans to export Korean fintech technology to the world.
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