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Apple Pay is expected to arrive in South Korea soon after the country’s Financial Service Commission cleared it for launch. The FSC said last week that local credit card companies are allowed to introduce the mobile payment service of the US-based tech firm, Apple Inc.
As per Aju Business Daily, Apple Pay could be made available in the country as early as March. FSC’s approval was based on the results of its review after carrying out the procedures required for allowing a new payment service.
Once activated, people who are using iPhones and other Apple devices will be able to make payments via Apple Pay. Based on the total number of smartphone users in the country, 30% are said to be iPhone users, so it is already a given that many are set to use Apple’s mobile payment service.
In Korea, Apple Pay will be introduced in partnership with the credit card subsidiary of the Hyundai Motor Group, which is the Hyundai Card Co. It was said that the two sides have been having talks about the launch of the service for some time now. However, the companies have not yet released any information related to any agreement they may have.
It was noted that other credit card companies could also team up with Apple Inc. for the payment service. This is possible because Hyundai reportedly stopped demanding for exclusive rights to the local Apple Pay service.
Then again, the Financial Service Commission made it clear that credit card companies must not be allowed to transfer fees from the use of Apple’s mobile payment to customers or merchants. The agency also asked companies to take proper measures to protect customers from possible leaks or theft of personal data, Korea Joongang Daily reported.
Photo by: Christiann Koepke/Unsplash
