Apple launches Apple Pay in South Korea
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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.
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.
With Apple Pay, credit and debit cards from supported banks in South Korea can be added to the iPhone and Apple Watch to make purchases at stores that have contactless payment options. Apple Pay cards can be used on iPhone, iPad, and Mac to make Apple Pay purchases on the web.
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.
Questions & Answers
Q.What was the primary obstacle delaying the launch of Apple Pay in South Korea for so long?
What was the primary obstacle delaying the launch of Apple Pay in South Korea for so long?
Apple Pay's launch was delayed because regulators were investigating whether the payment system violated local regulations and laws. This prevented Apple from being registered as an electronic financial business operator until February.
Q.Is Apple Pay widely accessible across all retail locations in South Korea currently?
Is Apple Pay widely accessible across all retail locations in South Korea currently?
No, it is not. A significant challenge for Apple Pay in Korea is the limited number of NFC terminals in retail stores, despite there being more than six years ago. This low adoption hinders widespread accessibility.
Q.Which bank's customers are currently able to use Apple Pay in South Korea?
Which bank's customers are currently able to use Apple Pay in South Korea?
At present, Apple Pay in South Korea is exclusively available to Hyundai Card users. No other card companies are participating in the service as of yet, meaning other customers cannot use it.
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