travel cashless in korea

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The All-in-One WOWPASS Airport Package

Event Price ~ 2024.06.30

WOWPASS Card

5000 4000 KRW Exclusive event price

SIM Card by SKT

eSIM / USIM 3/5/10/20/30 Days

Tmoney Balance

Top up in advance, Get going after landing

Airport Railroad (AREX) Express Train

Non-stop train from ICN airport to Seoul

Available at Korean Airports for Pick up!

Visit SK Telecom's booths at the Airport Arrival floors in Korea

Incheon Int’l Airport T1

Incheon Int’l Airport T2

Gimpo Int'l Airport

06:30~23:00

Gimhae Int'l Airport

06:00~22:00

06:30~19:30

Coming soon!

More pickup locations such as Jeju will be updated.

Step-by-Step Guide

Reserve in App

Pay once, reserve all WOWPASS + SIM + Tmoney

One-stop Pick up

ICN Airport T1/T2, GMP Airport & more

Find Machine & Top up

90+ machines all around Seoul / Busan / Incheon

Pay anywhere & Enjoy!

Travel cashless in Korea

Customer Reviews

I could get WOWPASS right after
landing at Incheon Airport, and get going to AREX using the pre-charged Tmoney balance!

I saved so much time lining up at the airport, since I reserved in advance to pick everything including SIM card & Tmoney!

@korean_luv***

It was my first time using eSIM but the staff at the counter helped me to get set up easily. And the unlimited data worked like a charm!

@mikael_***

WOWPASS was 20% cheaper than if I were to issue it at the machine! So it was a great deal for me :)

Airport Package Q&A

What is a WOWPASS Airport Package?

WOWPASS Airport Pacakage is an all-in-one traveler package that includes WOWPASS card, SIM card and transportation balance, which you can receive at major Korean airports in one go. It includes only the essential items for starting your K-trip, at discounted price, without having to purchase them at different counters separately.

What is the difference between ordinary WOWPASS cards and those included in airport package?

WOWPASS Airport Package offers three advantages over obtaining a WOWPASS card from a regular machine: 1. You can receive it immediately upon your arrival at major Korean airports (Incheon Airport T1/T2, Gimpo Airport, Gimhae Airport, and Busan Port). 2. It comes with a preloaded T-money (transportation card) balance of 10,000 won, which is ready for immediate use. 3. You enjoy a discounted WOWPASS membership fee. Instead of the usual 5,000 won, the membership fee is reduced to 4,000 won.

What type of SIM cards can I choose in the WOWPASS Airport Package?

You can choose either a virtual eSIM or physical USIM cards. USIM cards support all sizes ranging from normal size, nana size to micro sizes.

How do I purchase the WOWPASS Airport Package?

You can reserve/purchase it through the Airport Package banner in the WOWPASS mobile application.

How do I pick up the WOWPASS Airport Package?

After applying for the package through the WOWPASS app, you can pick up the package at your chosen major Korean airport. (Incheon Airport T1/2, Gimpo Airport, Gimhae Airport, Busan Port)

Can I use the WOWPASS card immediately after package pickup?

After receiving the package, the initial WOWPASS payment balance is 0, and you must visit a nearby WOWPASS machine to top-up balance. For the transit balance (Tmoney), the initial balance is 10,000 KRW, so you can use it to ride subways/buses right after pickup. Locations of WOWPASS machines near major airports: 1. Incheon Airport T1/T2: WOWPASS machine is inside AREX non-stop train platform. (Must purchase AREX ticket) 2. Gimpo Airport: 3 WOWPASS machines are located outside the Gimpo Airport subway station. Other than the above, more than 90 machines are located at major subway stations and hotels, all around Korea.

Can I get a refund after paying for WOWPASS Airport Package?

Yes. You can get a full refund if you have not picked up or used the package items. However, if you have used the WOWPASS card or SIM card, you cannot get a refund. It usually takes 2-3 working days to process a refund.

I selected the wrong pickup date/location. Can I make a change?

You can pick up your package at the changed date or location without the need for separate modifications. However, please note that the pickup location can only be changed to available locations.

Which telecom company provides the SIM card in the Airport Package? Is it trustworthy?

SK Telecom provides the SIM cards. SK Telecom is the largest telecom service provider used by the majority of Koreans.

Does the SIM card come with a Korean cell phone number?

Yes, a Korean phone number will be assigned to the SIM card. Texts and incoming calls are free, while the outgoing calls feature is still under preparation.

Can I receive inbound calls/SMS as well as make outbound calls/SMS?

Currently, you can only receive SMS messages or phone calls for free. Sending SMS messages or making outbound phone calls are not supported currently, and will be made available later.

Can I receive the package on the same day as my reservation?

Yes, same-day reservations and pickups are also available.

Is the LTE data limitless? Or is there a speed limit?

E-SIM/USIM: You can use it unlimited during your selected usage period, and it supports speeds of up to 20Mbps.

Can I use the SIM card for hotspot?

Yes, you can.

Download App to reserve WOWPASS Airport Package!

Email : [email protected] Tel : +82-1833-5508 1213, 28, Digital-ro 33-gil, Guro-gu, Seoul, Republic of Korea

Orange Square, Inc

WOWPASS Terms of Service Privacy Policy Terms and Conditions for Electronic Financial Transactions

WOWPASS: Go Cashless in Korea 4+

All-in-one prepaid card, orange square, inc, designed for iphone.

• 4.0 • 1 Rating

iPhone Screenshots

Description.

[Pay Like a Local in Korea!] WOWPASS is an all-in-one prepaid card for foreign travelers in Korea, covering money exchange, payment, transportation, and brand rewards. Use the app to enjoy the full benefits of WOWPASS! ● WOWPASS Usage Guide - View a detailed introduction and user guide to the WOWPASS service such as how to get a card issued. ● Reserve WOWPASS Airport Package - Reserve WOWPASS Card + SIM Card + Tmoney balance in a single package at discounted prices, and pick it up at major airports in Korea. ● Check Card Balance - Add your WOWPASS card on the app to check the balance, which is also shown in your preferred foreign currency. ● Check Tmoney Balance - You can check the Tmoney balance of your WOWPASS card. ● Real-time Push Alerts - Receive push alerts and view the exact payment amount in KRW in real-time. ● Payment History - Check your payment history including the categories of merchants, time of payment, etc. - View the total amount you spent during travel, making your travel budgeting easier. ● Special rewards only in WOWPASS - Download various discount coupons provided only by the WOWPASS app. - Receive up to 20% cashback on payments made to Korean brands in real-time. ● Lock your card - In case of loss, you can pause your card on the app to prevent anyone else from using your balance. - If you find your card back, you can unpause it to start using it again. - If you cannot find your card, you can visit the WOW Exchange machine to reissue a new card that contains your old card's balance. ● Self-verification - You need to verify your card ownership via the mobile app to withdraw the card balance in cash or reissue a card. ● Find WOW Exchange machines - Search on a map for nearby WOW Exchange machines located around Korean subways, hotels, and hotspots. ● Exchange Rate Calculator - Check the real-time exchange rate for topping up on WOWPASS. - Use the calculator to calculate any KRW payment amount to your preferred currency conveniently. ● (NEW) Invitation Event - Invite your friends and receive cashback up to 1 million KRW. Invitees will receive 0.5% cashback benefits, too. ● You can trust WOWPASS! - WOWPASS is operated by 'Orange Square, Inc', an officially licensed Electronic Financial Service Provider recognized by the FSS, the Korean financial authority (Registration No: 02-002-00084). - WOWPASS service is officially endorsed by Korea's Financial Services Commission as an Innovative Financial Service (Nov 12th, 2021) - WOWPASS is an official partner of Seoul Metro, which runs Seoul's subway system, and Tmoney, the largest transportation card provider in Korea. - The creator of WOWPASS, Orange Square, has served over 300,000 foreign tourists through its currency exchange service. ● Contact us for questions - Email: [email protected] - Phone: +82-1833-5508 - Chat: www.wowpass.io

Version 1.13.7

We added service guide features and had nogari, Korean fish jerky.

Ratings and Reviews

App privacy.

The developer, Orange Square, Inc , indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy .

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The following data may be used to track you across apps and websites owned by other companies:

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The following data may be collected but it is not linked to your identity:

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Privacy practices may vary, for example, based on the features you use or your age. Learn More

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2024 Korea Tourist Card Guide: Transport, Shopping & More!

We regret not preparing our Korea tourist cards including the T-Money Card as well as other travel essentials such as the  SIM card , eSIM , and pocket WiFi on our previous Korea trips. We just winged it and thought we could easily buy them upon arrival anyway.

Don’t be like us – it pays to have these Korea travel essentials ready before your trip. This will save you the hassle of having to look for stores offering them in Korea. And, you may actually save on costs since you can strategically plan your Korea itinerary with all the benefits in mind.

Best Korea tourist cards for transportation, shopping, and e-money

1. t-money card.

It’s a no-brainer. A T-Money Card should be the first thing that you should prepare before your Korea trip. It is the most popular Korea transport card with the largest number of affiliated partners. You can mainly use your T-Money Card to pay for public transportation like trains, buses, and taxis. Aside from that, you may also use it to pay at convenience stores, vending machines, and retail brands.

Read our T-Money Card guide for more information on the costs, where to buy, and benefits.

BUY T-MONEY CARD

Cashless payments are a thing in South Korea. In fact, many stores no longer accept cash payments. With the WOWPASS , you can use it as a prepaid debit card to pay for your purchases in Korea. Aside from that, it also serves as a Korea transport card so you can pay for public transportation including trains, buses, and taxis. You can top-up, withdraw, or exchange currencies at machines found in airports, subways, and even hotels.

This special Korea tourist card offers better exchange rates than banks, airports, or money changers, and accepts 16 currencies including USD, EUR, SGD, HKD, and even PHP. What’s even better is that it also offers brand cashback benefits, which is really great for tourists who love shopping and dining in Korea. You can check your balance, history, and benefits by downloading the WOWPASS mobile app .

BUY WOWPASS

3. NAMANE Card

A NAMANE Card is a prepaid travel card in Korea you can use as payment for transport and offline purchases. But what sets this card apart from the rest is that it is customizable. This means you can design your own card, making it a cute souvenir item from Korea .

Another advantage of this Korea tourist card is that there is no authentication needed and no limit to who can use the card, so even minors can use it. You may download the NAMANE Card app to check your balance and transactions.

BUY NAMANE CARD

Best Korea tourist cards and passes for attractions

4. discover seoul pass.

If you are mainly exploring the capital city of Seoul and nearby places, we highly recommend that you get a Discover Seoul Pass . With this Korea tourist card, you get FREE or discounted access to over 100 tourist attractions in Seoul and beyond like Lotte World , N Seoul Tower , Nami Island , and so much more!

Choose from 24-hour, 48-hour, or 72-hour validity, depending on your trip duration. The card itself also serves as your Korea transport card where you can top-up to pay for public transport.

Check out our Discover Seoul Pass guide where we discussed the benefits, costs, and sample itinerary in greater detail.

BUY DISCOVER SEOUL PASS

5. Klook Seoul Pass

If you are staying longer in Korea, we recommend the Klook Seoul Pass as it is valid for 30 days. You can handpick the top attractions you want to visit without squeezing them into a number of days like the Discover Seoul Pass, which will force you to use it within 24 hours to 72 hours, depending on what you avail.

With the Klook Seoul Pass, you have the freedom to pick the attractions you want to visit and when to visit them. Choose from 2, 3, or 4-attraction passes and get up to 52% discount. Some of the top attractions include Everland, Nami Island, N Seoul Tower, Lotte World, and COEX Aquarium to name a few.

BUY KLOOK SEOUL PASS

Korea travel essentials for communication and connectivity

6. korea sim card.

South Korea is one of the countries with the fastest internet speed so you are assured that the data from their SIM cards are of top quality. If you are traveling solo or as a couple, we recommend that you get a SIM card since it’s handy and more efficient than getting another device like a pocket WiFi. You can even get an eSIM if you don’t want to insert another SIM card into your mobile phone.

There are various Korea SIM card options to choose from. You may read our Korea SIM card guide so you can compare the prices and advantages.

BUY KOREA eSIM

7. Korea Pocket WiFi

If you are traveling in groups, we suggest that you get a pocket WiFi instead since it can be shared with up to 5 devices. A pocket WiFi actually costs less than a SIM card, but there are also disadvantages to it like the battery life may only last for 7 to 9 hours, and you need to physically return the device before you fly back home.

You may read our Korea pocket WiFi guide so you can see the costs and benefits before making a decision.

RENT POCKET WIFI

These are some of the best Korea tourist cards, transportation cards, and travel items we wished we paid more attention to and actually bought when we went to Korea. So, if we were you, secure your Korea tourist card ahead and you’ll thank us later!

Before you go, you may be interested to read our 5-day Korea winter itinerary , 5-day Korea spring itinerary , and Korean street food guide .

Popular Korea experiences

Premium accommodations in seoul.

Some of these partnering e-wallets include TrueMoney (Thailand), Touch'n Go eWallet (Malaysia), AlipayHK, and GCash (the Philippines). The partnership allows users of these e-wallets to pay at over 120,000 merchants using their local mobile payment apps when travelling in South Korea. The incipient phase of the merchant roll-out focuses on popular tourist activities such as paying for duty-free shopping, taxis, paying at food and beverage chains and convenience stores. 

Alipay+ encompasses a suite of global cross-border digital payments and marketing systems that enable businesses to process a wide range of mobile payment methods while better serving regional and global consumers through simple technical adaption. 

The partnership comes in the context of a rebound in international travel across Asia. According to the official press release, South Korea lifted the requirement for pre-travel Covid-19 tests for inbound travellers, following a decision to remove all quarantine requirements for foreign arrivals regardless of vaccination status.  

Moreover, statistics from the Korea Tourism Organisation revealed that more than 800,000 foreign tourists visited South Korea during the first half of 2022, which represents a 92.8% increase when compared to the same period in 2021. Tourists from ASEAN countries such as Thailand, Malaysia and the Philippines made up 30.3% of the total visits.

Recent developments and partnerships from Alipay+ 

In August 2022, Thunes partnered with Alipay+ in order to allow the former’s Europe-based customers and merchants to accept Asia’s most popular wallets. These include Thailand’s Rabbit LINE Pay and TrueMoney, China’s Alipay, KakaoPay from South Korea, Philippines’ GCash and Touch ’n Go and Boost from Malaysia. 

The partnership will expand the geographical coverage of the local payment methods available via Thunes, as the company already offers a range of alternative payment methods (APMs) popular with customers in Europe, Latin America, Africa, and Asia. The collaboration allowed merchants to engage with shoppers through their favourite digital payment tools both online and in-store and helped speed up the digitalisation and globalisation of their business operations. 

In July 2022, Qatar National Bank (QNB), an important financial institution in the MENA region has announced the official launch of payment methods WeChat Pay and AliPay+. The partnership between QNB and Chinese-based WeChat Pay and AliPay+ aims to enable millions of customers to complete their transactions safely, securely, and easily.

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Alipay+, Asian e-wallets drive South Korea’s cashless travel

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Ant Group’s cross-border digital payments offering Alipay+ has teamed up with four Asian e-wallet providers to support their expansion into South Korea.

Comprising a suite of global mobile payments and marketing solutions, Alipay+ helps connect merchants with various e-wallets and payment methods from different geographies. 

Go deeper with GlobalData

South Korea Cards and Payments - Opportunities and Risks to 2026

The cashless world - evolving payment environments in key asia pacific and western markets, premium insights.

The gold standard of business intelligence.

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The partnership allows users of Hong Kong’s AlipayHK, GCash in the Philippines, Malaysia’s Touch ‘n Go, and TrueMoney in Thailand to settle payments at more than 120,000 merchants in South Korea via their local mobile payment apps. 

The integration comes as travel curbs begin to ease in the Asian countries.

Ant Group said in a statement: “The collaboration marks the first time for leading mobile payment providers from Southeast Asia and Hong Kong to extend the availability of their services in South Korea through Alipay+.”

Initially, the merchant roll-out includes payments for duty free shops, food and beverage chains, convenience stores, as well as taxi.

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Ant Group Korea, Australia and New Zealand general manager Danny Chung said: “It is our pleasure to connect merchants in Korea with a variety of mobile payment methods, enabling Asian tourists to pay with convenience and simplicity in Korea using their preferred home e-wallets.”

GCash operator Mynt president and CEO Martha Sazon said: “This innovative partnership aligns with our vision of financial inclusion and is a huge step towards building a cashless ecosystem, worldwide.”

Through Alipay+, AlipayHK is currently being accepted by several merchants in Japan, Chinese mainland and Macao.

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Retail in Asia

Korean e-wallets partner with Alipay+ to promote cashless travel

Leading mobile payment providers across Asia announce an integration of Alipay+ cross-border digital payment in South Korea in an effort to jointly promote cashless travel in the country.

Users of e-wallets including AlipayHK, GCash (the Philippines ), Touch ‘n Go eWallet ( Malaysia ), and TrueMoney ( Thailand ) are able to pay at over 120,000 merchants using their local mobile payment apps when traveling in South Korea.

SEE ALSO: Ant group and Nike launch shoe recycling program on Alipay

This collaboration marks the first time for leading mobile payment providers from Southeast Asia and Hong Kong to extend the availability of their services in South Korea through Alipay+. The initial phase of the merchant roll-out covers major tourist activities including payments for taxis, duty free shops , convenience stores, and food and beverage chains.

Introduced by Ant Group, Alipay+ is a suite of global cross-border digital payments and marketing solutions, businesses to process a wide range of mobile payment methods and better serve regional and global consumers through simple technical adaption.

Commenting on the collaboration, Danny Chung, General Manager of Ant Group Korea, Australia, and New Zealand, said: “It is our pleasure to connect merchants in Korea with a variety of mobile payment methods, enabling Asian tourists to pay with convenience and simplicity in Korea using their preferred home e-wallets.”

As the theme of this year’s World Tourism Day is ‘Rethinking Tourism’, Alipay+ has been striving to achieve the same goal by supporting a cashless and smart travel experience. Through innovation and digitalization, we hope Alipay+ can play its role in the transformation of tourism towards a crucial pillar of development.”

The partnership between Alipay+ and Asia’s e-wallet leaders comes as international travel across Asia continues to rebound. In early September, South Korea lifted the requirement for pre-travel Covid-19 tests for inbound travelers, following a decision to remove all quarantine requirements for foreign arrivals regardless of vaccination status.

“With South Korea being one of the most popular destinations for Filipinos, we are delighted that our customers will be able to maximize their GCash app during their travels. This collaboration with Alipay+ provides our users the convenience they need to easily transact and manage their expenses with GCash,” said Martha Sazon, President and CEO Mynt, which operates GCash, “This innovative partnership aligns with our vision of financial inclusion and is a huge step towards building a cashless ecosystem, worldwide.”

SEE ALSO: Alipay+ announces partnership with Singapore Taxi operator ComfortDelGro

South Korea’s long-term popularity as a destination for travel, shopping, and k-pop makes it a top choice for international tourists as travel in Asia revitalizes. According to statistics by the Korea Tourism Organization, over 800,000 foreign tourists visited South Korea during the first half of 2022, representing an increase of 92.8 percent compared to the same period last year. Tourists from ASEAN countries, including the Philippines, Thailand, and Malaysia, topped the inbound arrivals to South Korea, accounting for 30.3 percent of the total.

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SEOUL, South Korea--( BUSINESS WIRE )--Korea Easy Payment Foundation, the official operator of ZeroPay, announced the introduction of Alipay+ global cross-border digital payments and marketing solutions at over 1.7 million merchants across South Korea, in a move to further ensure a smooth and convenient experience for Asian tourists.

Starting from today, users of six digital payment apps including Alipay, AlipayHK (Hong Kong SAR China), MPay (Macao SAR, China), TrueMoney (Thailand), and Touch 'n Go eWallet (Malaysia) will be able to travel and shop cashless in the country, by simply scanning the ZeroPay QR placed at the merchant's counter with their home e-wallet apps, entering the amount of payment and confirming the transaction. More Alipay+ partner e-wallets will join onboard in the coming months.

The tie-up between Alipay+ and ZeroPay through ICB is expected to enable Korean merchants, especially smaller ones, to offer a hassle-free payment experience for international tourists and increase their potential outreach to over 1.4 billion customers from China and Southeast Asia.

Introduced by the Seoul Metropolitan Government, ZeroPay is South Korea’s public QR-code based digital payment service designed to help small businesses, with a direct transaction system that enables zero-fee settlement for merchants and digital payments through e-wallets for consumers.

Commenting on the new partnership with ZeroPay, Danny Chung, General Manager of Ant Group in Korea, Australia and New Zealand, said , “We've been striving to enhance the convenience of seamless payment services for Asian tourists visiting South Korea by connecting Korean merchants with a variety of mobile payment methods that their customers are most familiar and comfortable with. By partnering with ZeroPay, we are looking forward to driving more growth opportunities for local businesses and together playing a share to further solidify Korea’s position as one of the most popular destinations with its unique offerings and convenient experience.”

Hanyong Lee, CEO of ICB , said, “Through providing this service, we will help to revitalize inbound travel, which was dampened by COVID-19, creating an environment where more overseas tourists can pay with convenience in Korea. We expect that small businesses, which account for 94% of ZeroPay merchants, will pave the way in attracting foreign tourists through Alipay+.”

Introduced by Ant Group, Alipay+ is a suite of global cross-border digital payment and marketing solutions designed to enable businesses to process a wide range of mobile payment methods and better serve regional and global consumers through simple technical adaption.

Media Contact Sarah Dai Ant Group [email protected]

Alipay+ partners with leading Asian e-Wallets to promote cashless travel in South Korea

Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly

Leading mobile payment providers across Asia has announced an integration of Alipay+ cross-border digital payment solutions in South Korea in an effort to jointly promote cashless travel in the country.

Users of e-wallets including AlipayHK, GCash (the Philippines), Touch ‘n Go eWallet (Malaysia), and TrueMoney (Thailand) are able to pay at over 120,000 merchants using their local mobile payment apps when travelling in South Korea.

The collaboration marks the first time for leading mobile payment providers from Southeast Asia and Hong Kong to extend the availability of their services in South Korea through Alipay+. The initial phase of the merchant roll-out covers major tourist activities including payments for taxi, duty-free shops, convenience stores, and food and beverage chains.

Introduced by Ant Group, Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses to process a wide range of mobile payment methods and better serve regional and global consumers through simple technical adaption.

Commenting on the collaboration, Danny Chung, General Manager of Ant Group Korea, Australia, and New Zealand, said: “It is our pleasure to connect merchants in Korea with a variety of mobile payment methods, enabling Asian tourists to pay with convenience and simplicity in Korea using their preferred home e-wallets.”

As the theme of this year’s World Tourism Day is Rethinking Tourism, Alipay+ has been striving to achieve the same goal by supporting a cashless and smart travel experience. Through innovation and digitalization, we hope Alipay+ can play its role in the transformation of tourism towards a crucial pillar of development.”

The partnership between Alipay+ and Asia’s e-wallet leaders comes as international travel across Asia continues to rebound. In early September, South Korea lifted the requirement for pre-travel Covid-19 tests for inbound travellers, following a decision to remove all quarantine requirements for foreign arrivals regardless of vaccination status.

“With South Korea being one of the most popular destinations of Filipinos, we are delighted that our customers will be able to maximize their GCash app during their travels. This collaboration with Alipay+ provides our users the convenience they need to easily transact and manage their expenses with GCash,” said Martha Sazon, President and CEO Mynt, which operates GCash, “This innovative partnership aligns with our vision of financial inclusion and is a huge step towards building a cashless ecosystem, worldwide.”

Venetia Lee, General Manager, AlipayHK and Alipay Greater China International Business, Ant Group, said, “It is our pleasure to announce the connection to South Korea, a popular tourist destination for Hong Kong people. AlipayHK aims to provide our users with one-stop lifestyle services, including not only local but also cross-border payments for those who love travelling. With AlipayHK already being accepted by the vast majority of merchants in Japan, Chinese mainland and Macao through Alipay+, we expect our service to expand to more destinations, enabling AlipayHK users to travel everywhere with one app using their own e-wallet.”

Mr. Koravut Pavitpok, Head of Commercial of TrueMoney Co., Ltd. said, “South Korea has long been one of the top tourist destinations among Thais for its fascinating history, wonderful culture and amazing food. Before the pandemic, more than half of a million of Thais travel to the country each year. And since the borders re-opened, Thai tourists have become the second highest visitors to South Korea. As international travel is on the up again, our partnership with Alipay+ has allowed TrueMoney Wallet to expand our service territory and provide more convenient and safer cross-border cashless payment to our users.”

South Korea’s long-term popularity as a destination for travel, shopping, and k-pop makes it a top choice for international tourists as travel in Asia revitalizes. According to statistics by Korea Tourism Organization, over 800,000 foreign tourists visited South Korea during the first half of this year, representing an increase of 92.8% compared to the same period last year. Tourists from ASEAN countries, including the Philippines, Thailand, and Malaysia, topped the inbound arrivals to South Korea, accounting for 30.3% of the total.

As the usage of mobile payments by international travellers and the number of travellers from Southeast Asia continues to rise, the retail industry in Korea is adopting various mobile payment methods, particularly through a partnership with Alipay+. For instance, Lotte Duty-Free and convenient store brand GS25 have signed partnership agreements with Alipay+ to make the shopping experience more convenient for international consumers.

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How slowing down the cashless frenzy could ensure a more inclusive society in East Asia

Cash or cashless? The two can actually be complementary and must be under the premises of inclusive finance. Image:  REUTERS/Yuya Shino

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Stay up to date:, fourth industrial revolution.

• In Asia, South Korea is the cashless champion, while Japan remains loyal to cash.
• Elderly, rural and low-income groups lack the digital communications equipment, network access, and digital-finance knowledge to enjoy a cashless society.
• Cashlessness has multiple advantages but cash still lends people a sense of security.

Cash-free payment methods have become life-changing for many in the era of the Fourth Industrial Revolution. However, people around the world disagree on what the superior method of payment is, and it seems to be a subjective thing. In East Asia, there are also distinct national trends.

South Korea has typically been seen as the cashless champion of Asia. According to research, only 14% of payments in South Korea involve cash . Some might say that it is already a cashless society, and the main reason it has happened is that South Koreans want it.

The country has an almost 100% smartphone adoption rate , and there is a growing demand from the younger generation, looking for fast and convenient payment methods. And during the pandemic, South Koreans have become more familiar than ever with digital payments due to the boom in the e-commerce industry, with mobile shopping accounting for over 70% of online sales, The Korea Herald reports .

Even before the pandemic, cash was in decline. Businesses in South Korea are looking into virtual cards and prepaid cards, and the country has passed one of the world’s first comprehensive cryptocurrency laws.

Meanwhile in China, around 60% of payments are cashless, so 40% of payments still involve cash . The only reason the country is not higher in the ranking is its immense population. However, China is rapidly becoming one of the most cashless societies in the world, with the rise of dominant fintech platforms.

China is the undisputed leader of e-commerce in the region, and around 52.1% of the country’s retail sales will come from e-commerce in 2021 . It is a mobile-first country, and mobile payments using QR code scanning have been successfully adopted by mainstream society, from big cities to more rural areas.

According to J.P.Morgan , sales via mobile devices take a 60% share of the overall e-commerce market.

Japan's loyalty to cash

Japan has long been known for its heavy use of cash. Around 82% of payments involve its use , and whilst the pandemic has encouraged the cash-loving Japanese to move away from physical money, the country’s fast-ageing population are resisting change.

According to Reuters , Japan’s currency in circulation and bank deposits even rose at a record pace during the pandemic, which prompted businesses and households to continue hoarding cash. That proportion rises with the elderly, some of whom stick to cash as a way to prevent wasteful spending.

Excessive "cashlessness" will lead to a new type of financial exclusion which deviates from the original intention of inclusive finance.

On the whole, Japanese society is still more dependent on cash, also largely due to the frequent occurrence of natural disasters. However, the government has set a goal of increasing cashless payments to about 40% of all transactions by 2025, from about 20% currently .

Is a cashless society an inclusive one?

People's demand for cash is still widespread across Asia, especially from the perspective of inclusive finance and consumer protection. For instance, in many cities across China, it has become increasingly difficult to hail and pay for a taxi, buy groceries, or even settle a bill without mobile payments. If you walk into small stores, it is very possible some will not even accept cash. In South Korea, more than half of 1,600 bank branches no longer accept cash deposits or withdrawals .

The original intention of developing inclusive finance is to ensure that all individuals and businesses have equal access to useful and affordable financial products and services that meet their needs.

Digital technology improves the coverage of financial services, but it also brings “digital divide”. Some of the elderly, rural population, and low-income groups lack digital communications equipment and network access, not to mention digital finance knowledge and skills.

Cash is also the necessary guarantee to meet the basic payment needs of specific groups, including overseas tourists, juveniles and the visually impaired. Excessive "cashlessness" will lead to a new type of financial exclusion which deviates from the original intention of inclusive finance.

Cash as a secure solution

On the other hand, in the process of rapidly developing mobile payments, there is a tendency to over collect consumers’ personal information, which may lead to the over mining of consumers’ contact information, consumption behaviours, biometrics and other data.

Cyber security issues are also causing wide concern. For example, 7-Eleven Japan’s team opened up a “7pay” mobile app for making in-store payments in 2019. But unfortunately, $500K was stolen from the app due to insufficient mobile payment security , and the service was shut down in its entirety in less than three months.

When consumers are not sure about the security of mobile payments, choosing to use cash helps to reduce the risk of personal information and property security being violated.

Theoretically, cash can be regarded as a risk-free payment instrument and safe asset, while any cash-free payment instrument that depends on market institutions has more or less operational risk, market risk, credit risk, and even moral risk. As such, the option of keeping cash can enhance people’s sense of security.

Although there is some competition between cash-free paying and the use of cash, they are ultimately complementary in nature, not substitute. Becoming a cashless society should be a gradual process. It is important to make sure that no one is left behind.

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The views expressed in this article are those of the author alone and not the World Economic Forum.

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Moving Towards a Cashless Society in South Korea

Somewhere in the not too distant future, you will no longer see the Korean won. It will become something strange your grandparents still hold on to and give you during the Korean holidays. Contactless payments due to COVID have ramped up this movement toward a cashless society. It is not hard to imagine that within the decade cold hard cash will no longer exist in Korea. What will replace it? Digital currency. To be fair, most of the money in South Korea is held electronically. Therefore some might say it is already a cashless society in South Korea .

If every single person in South Korea decided to pull out cash at once, there would not be enough paper notes to cover the population. So the movement to a cashless society in South Korea would be an easier transition than most people think. In addition, due to COVID-19 this transition is happening faster than imagined. Seoul, for example, has expressed interest in experimenting with a digital currency called the S-Coin . However, that will only be the start of moving towards a cashless society in South Korea . 

Are we in a Cashless Society in South Korea now?

Some might say South Korea, and especially Seoul has already become a cashless society. Korea has an almost 100% smartphone adoption rate . Payments with your mobile phone or credit card are at an all-time high. If you walk into a Starbucks in Korea and it is very possible some will not accept cash. There are self-ordering stations at McDonald’s, Coffee Shops, and even restaurants that don’t even take cash. However, if you compare Korea to China, Korea is still a few years away from going fully cashless. 

Here are the sad truths about physical money. Physical money is an issue not only for the citizens but for the governments themselves. The Korean government has to spend billions of dollars just to print and mint Korean currency. Then they have to run an infrastructure that transports these currencies in armored trucks to banks by trained security guards. Then the currency needs to be sorted and stored in a secure vault. It is estimated that operating in cash will cost Korea around $7 billion a year. You would think this cost would be enough to motivate the Korean government to move to a cashless society as quickly as possible. However, this is not the main reason.

The main reason to move to a cashless society in Korea is that Koreans want it. There is a growing demand from the younger Korean generation that is looking for fast and easy ways to pay. Furthermore, the young generation in Korea that are looking to start their own business will most likely start one online. One lesson that COVID-19 has taught us is that opening an offline business can be risky. As more businesses look to sell their products and services online there will be more payment systems coming into the Korean market. 

Cashless Society in South Korea Post-COVID-19

Koreans are now concerned more than ever about touching door handles, elevator buttons, and even cash. The WHO has never advised against using cash, however, more and more businesses in Korea are now accepting only contactless payments. Contactless payments are much cleaner than cash. The Korean won tend to circulate for about 7 years, so there are plenty of chances for it to pick up germs and viruses. It is estimated that over 90% of bills in Korea are contaminated with bacteria.

Koreans are using cash less and less. Thanks to the boom in the eCommerce industry in Korea due to COVID-19, Koreans are now more familiar than ever with e-payments. Even before COVID-19 hit Korea, cash had already been on the decline for years. For many Koreans, increasing digitization is synonymous with progress.  Businesses in Korea are looking into virtual cards, prepaid cards, and even cryptocurrencies. As more businesses in Korea start to accept these digital forms of payment, it is only a matter of time before physical cash becomes obsolete.

How the Korean Government will Benefit

Moving to a cashless society is not just great for the young tech generation in Korea. The Korean government would benefit as well. Not only will they save a tremendous amount of money on printing money, but they will also be able to monitor tax evasion and fraud. Digital currency solutions will make it so that every payment is recorded and every transaction is logged. Doing your taxes in Korea could end up being as simple as pressing a few buttons at the end of the year. Furthermore, money laundering and tracking illegal activity will become much easier since transactions will be recorded. 

How Koreans will Benefit

Korea already has the infrastructure to easily transition into a cashless society. Koreans all have debit or credit cards, apps, online banking, and other cashless payment options like Kakao Pay or Toss. Moving to a cashless society will mean that Koreans will now be fully able to track their finances. Every transaction will be recorded and Koreans will be able to have access to every aspect of any particular transaction. In addition, moving away from cash will mean that there will be more security. Cash can easily be stolen and it is very difficult to get it back. Credit cards, debit cards, and other payment options have protections in place to prevent users from losing their money to frauds or scams.

The Risks of Moving Towards a Cashless Society

To every innovative solution, there are of course downsides. With everything you buy being recorded, you will end up losing some privacy. Just because South Korea is a democratic country, doesn’t mean people in Korea shouldn’t be concerned about the Korean government having so much data on their citizens. Harvesting personal data can be very profitable not just for the Korean government but for companies as well. However, the biggest downside is, of course, cyber-attacks and hacking. Just as it is hard to stop bank robbers in real life, it is just as hard to stop cyber-attacks as well. Not only can digital currency be stolen but personal data can also be hacked.

Credit card companies have faced these kinds of hacks for years. Even cryptocurrency exchanges in Korea have had their funds stolen. Data breaches are a problem because the thieves are more sophisticated than the companies trying to stop them. You only need to succeed once as a hacker while companies need to protect themselves from all kinds of possible attacks. This is why cyber-security is one of the leading spaces for many innovative startups. Companies around the world are spending hundreds of billions of dollars on cyber-security solutions. The real question is who will outpace who? Cyber-security or hackers? 

Gradual Shift to a Cashless Society is Key for South Korea

South Korea loves to embrace new and innovative technology and is aggressive in implementing said technology. However, becoming a cashless society should be a gradual process. While the younger generation in Korea is used to virtual payments , there are still millions of older generation Koreans that rely on physical cash. Some still go to their nearest Korean bank to pay their bills. Those that will suffer the most from a quick shift to a cashless society in Korea will be the poor and the elderly. Therefore it is important to make sure no one gets left behind. 

Korean Banks are Getting Ready for a Cashless Society in South Korea

Korean banks have started to embrace Blockchain technology . There will come a time when countries like South Korea will develop their own digital currency as a replacement for their national currency. So where does that leave cryptocurrencies like Bitcoin? We saw a big clue about what happened with Facebook’s Libra. The US government got a lot of pressure from banks that saw cryptocurrency as a threat.  

The move to a cashless society will happen at some point in Korea, the real question is which form of digital currency will win out in the end? The Central Banks or existing Cryptocurrencies? If history has anything to say, the Central Banks will lead the way. Cryptocurrency is a huge problem for traditional banks. However, national currency shifting to a national digital currency would be a homerun for traditional banks. This is why Korean banks have been spending millions of dollars on research and development of Blockchain technologies over the past few years. They are looking to position themselves as the key player if or when the Korean government looks to make this big transition. Therefore, it is important to educate ourselves and be prepared so we don’t get left behind. 

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John is the Co-Founder of Seoulz. He has covered the Korean startup & tech scene for over eight years and has written over 700 articles regarding the Korean startup ecosystem. He has brought global attention to Korea's tech scene using Google SEO. Email him at [email protected]

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Tip of the Day: Guide to Public Wi-Fi in Korea

(Korea Tip of the Day)

In South Korea, you can find free Wi-Fi networks almost anywhere, including cafes, restaurants, public spaces and on public transportation. While many dining spots and shopping centers offer their own Wi-Fi, the local government and major telecom companies like LG U+ and KT have a service called Public Wi-Fi. The service is available on trains, buses, inside traditional markets, community centers and more.

Free Wi-Fi can come in handy as an alternative to buying a SIM card, especially if you’re only staying a short time in Korea. And don’t worry about speeds or too many devices on the network, the Public Wi-Fi in Korea is reliable and you can use it to translate, for GPS, and to look up nearby restaurants and attractions without hassle!

How to find Public Wi-Fi

Visit their website or download the app. Then set the location and search a list of available Wi-Fi networks in the area.

·         Website

·         Android

·         iOS

How to connect to Public Wi-Fi

Go to your device’s Wi-Fi settings and look for the “Public Wi-Fi” network. If it doesn’t connect automatically, open your web browser and click the button to connect to the internet.

For Secured Public Wi-Fi networks, you’ll need to enter a username and password.

·        Username: wifi

·        Password: wifi

Public Wi-Fi (not secured) (Photo courtesy of Public Wi-Fi)

Secured Public Wi-Fi (1) (Photo courtesy of Public Wi-Fi)

Secured Public Wi-Fi (2) (Photo courtesy of Public Wi-Fi)

Secured Public Wi-Fi (3) (Photo courtesy of Public Wi-Fi)

2 . Internet browser button (Photo courtesy of Public Wi-Fi)

Caution when using public Wi-Fi (information provided by Public Wi-Fi)

·        Avoid using Wi-Fi networks from unknown providers, as they may collect your personal information. Ensure you are only using public wireless LAN from an identified provider.

·        When using wireless LAN without security settings, refrain from using services that require sensitive information such as financial transactions, corporate business, or that require login or personal information. Also, avoid using sensitive services while using public wireless LAN without security settings.

Caution when using Secured Public Wi-Fi

·        Even when the data is encrypted with the Secured Public Wi-Fi Service, your personal information may still be at risk through other routes, including phishing.

·        The secured service encrypts all data and may slow down the internet speed. Please understand this inconvenience, as it is provided for the safe use of the internet.

·        The secured service is not provided in all public Wi-Fi service areas. It will be offered in stages to other areas after a demonstrative service period in some areas.

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Biggest contactless payment brands at POS in South Korea 2024

Biggest contactless payment brands at pos in south korea as of march 2024.

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642 respondents

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This undated photo shows Chinese tourists shopping at a duty free shop in Seoul. Yonhap

A travel agency in Korea has been suspended for coercing Chinese group tourists into shopping while visiting the country, officials said Wednesday.

According to the Ministry of Culture, Sports and Tourism, a Chinese traveler who used the unnamed company in February filed a report to a tourism inconvenience complaint center about the practice of shopping coercion by the agency.

During an investigation, tourism authorities discovered problematic practices by the company and imposed a one-month business suspension. Subsequently, it was learned that the company had rented out its name to a non-designated travel agency to handle duty-free shopping programs, leading to the final decision to suspend its business.

It marked the first time for the government to suspend operations of a travel agency for such practices. Regulations for penalizing travel agencies for disorderly conduct in the travel industry were established in 2016.

The number of Chinese tourists to Korea during the first quarter reached 1.01 million, ranking first in inbound travelers among all nations. (Yonhap)

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