VISA Card has been installing these signs at shops in PyeongChang and Gangneung since 2017. But the display triggered reports that some of the signs were installed at shops that do not accept credit cards. / Photo from JTBC News



By Ko Dong-hwan



With the PyeongChang Winter Games looming, visitors to South Korea from abroad may wonder if their credit cards work here. An official from the Olympics' top credit card sponsor said all credit cards can be used anywhere across the nation ― with a few exceptions.



A Visa Card official, who wished to remain anonymous, told The Korea Times that stores with payment terminals accept all credit cards.



"People can use any type of credit card anywhere in South Korea, except probably Costco," the official said. With 13 locations across the nation, the American warehouse wholesale-retailer, membership-only chain accepts just Samsung credit cards or cash.



"While in some countries only selective credit cards may be available in stores, it is not so in Seoul, where over 90 percent of consumers use credit cards."



Other venues where some credit cards are restricted include Olympic stadia, where the only acceptable payment methods are South Korean currency and credit and prepaid cards with the VISA logo.



The Financial Supervisory Service (FSS) said Tuesday the decision was made in an agreement with the Olympic organizing committee and the International Olympic Committee.



"Visitors who don't have credit cards with the VISA logo must either carry Korean cash or get VISA prepaid cards," the FSS said. The prepaid cards can be purchased with any type of credit card from 12 designated spots near the stadia.



Other shops that do not accept credit cards are those that operate without payment terminals and accept only cash, which are illegal, according to the Specialized Credit Financial Business Act.



Some businesses had conflicts with VISA Card recently when the company was promoting itself at shops in Gangneung, a Gangwon Province city where all the skating events will take place.



The company was placing signs on each store that said "We welcome VISA," with the Olympic logo printed on them. The signs were installed after each store owner agreed and confirmed where the sign would be attached, the official said.



But some signs were placed at shops without payment terminals. Cable TV network JTBC reported that some Gangneung shops that had the signs said they do not accept VISA cards.



"It is not that they did not accept VISA cards," the official said. "In fact, they did not have payment terminals so they could not accept any credit cards at all."



VISA Card employees who were installing the signs had other shop owners come to them saying they wanted the sign on their businesses as well ― without knowing what the sign meant.



"We got calls from people who said they have the signs while they do not accept credit cards," the official said.



