PYEONGCHANG, South Korea—All eyes are on whether wearable payment devices, which fared well during the 2018 Winter Olympics in Pyeongchang in South Korea, will be able to gain ground in the Korean market now that the Olympics are over.
In the United Kingdom and Australia, the wearable card market is already being established. According to credit industry sources, Lotte Card Co. predicted earlier that 100,000 wearable payment devices for the 2018 Pyeongchang Winter Olympics would be sold, Business Korea reported.
“However, more than 150,000 wearable payment devices were sold,” Business Korea noted.
Visa teamed up with Lotte Card to produce these new pre-paid payment wearables. To use the devices, the wearer can tap or bring the wearable near any NFC-enabled terminal or reader and the secured microchip and antenna embedded within the device will allow a contactless payment to be completed.