Lotte to introduce World Cup payment cards

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Lotte Shopping Co, an affiliate of the Korean conglomerate Lotte Group, announced this week it will issue an electronic prepaid card in cooperation with technology company Mondex and Japan's Ministry of Land Infrastructure and Transport ahead of the 2002 World Cup finals.

The card has an integrated circuit or smart chip and is capable of settling purchases in either Korean won or Japanese yen. It will be valid from June 1 to July 20 at Hotel Lotte, Lotte World and airport duty-free shops, Lotte department stores and souvenir shops in South Korea and World Cup host cities, airports and hotels in Japan.

Lotte said the card was designed to help Korean and Japanese travellers purchase meals and merchandise in each other's country without having to exchange money. Card users deposit the amount of yen or won they feel they will use and can top up if they overdraw the prepaid amount. A Lotte source said it is considering adding credit card functions to the debit card.