Apple Pay Launches In South Korea

After a years-long wait, Apple Pay today launched in South Korea, allowing those living in the country to use Apple's payment system to make contactless payments using the iPhone or Apple Watch. MacRumors reports: Apple has been working to bring Apple Pay to South Korea since 2017, but Apple was unable to be registered as an electronic financial business operator because regulators were investigating whether Apple Pay violated local regulations and laws. Apple was finally approved by financial regulators back in February.

NFC terminal adoption was also low in retail stores in South Korea around when Apple Pay first launched, which continues to be an issue. There are more NFC terminals than there were six years ago, but The Korea Times suggests Apple Pay will face "significant challenges" in Korea due to the limited number of NFC terminals. At the current time, Apple Pay is limited to Hyundai Card users, which could see South Koreans interested in using the service picking up a Hyundai Card. No other card companies are participating in Apple Pay as of yet.

Hypersonic Payment

[cstacy]

At least it's not Apple Pay launching in North Korea. It wouldn't be contact-less, they already launch too many things!

Not surprised it took so long

[MeanE]

South Korea is a very protectionist society. I imagine the incumbents fought it tooth and nail.

Re:

[Canberra1]

Wrong. Apple pay takes a 'cut or percentage of transaction' which the merchant pays. There are also creepy data tracking, and dispute fees. We do not know the 'cut' in Korea and conditions. Apple also refused to allow Australian banks NFC payment access - but Korea apparently did. Apple released in the USA easy, because US credit cards often charged 3-4%. Over in the EU, the exchange fee is a whole lot less - set by law - and India has yet again lower fees and in some instances almost fee. This also explai