 21-Mar-18, Business Korea

All eyes are on whether wearable credit cards, which became a hit during the 2018 Winter Olympics in PyeongChang in Korea, will be able to gain ground in the domestic market. In the United Kingdom and Australia, the wearable card market is already being established.

Image: Lotte Card

Lotte Card Co predicted that 100,000 wearable payment devices for the 2018 PyeongChang Winter Olympics would be sold. However, more than 150,000 were actually sold.

Visa teamed up with Lotte Card to produce new pre-paid payment wearables. The wearer can bring the wearable near any NFC-enabled terminal or reader and the secured microchip will allow a contactless payment to be completed.

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 Financial Services insights