Apple Pay approved to launch soon in South Korea
3rd February, 2023 at 8:34 pm by Divi
Image credit: Apple Inc.
- The FSC has approved the launch of Apple Pay in South Korea.
- The market is currently dominated by Samsung Pay.
- This comes after its launch was delayed last year.
Apple Pay has been approved by South Korea's financial regulator, paving the way for the mobile payment system to launch in the first half of this year, according to The Korea Herald. The Financial Services Commission (FSC) confirmed that credit card companies can launch Apple Pay as they have followed necessary procedures.
Image credit: BBC
The FSC emphasized that credit card companies should not transfer fees from the use of Apple Pay to customers or shops, and called for measures to ensure customer protection from risks such as theft of personal information. The launch of Apple Pay is expected to increase competition in the local mobile payment market, currently dominated by Samsung Pay.
Apple Pay is currently available in 11 countries in Asia Pacific, including Australia, China, Hong Kong, Macao, Taiwan, Japan, Singapore, Kazakhstan, Malaysia, New Zealand, and now South Korea. The FSC expects Apple Pay to promote NFC payment services in the country.
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