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Apple finally confirmed that it will introduce its mobile payment service in South Korea. After months of speculations, the American tech firm said it will bring Apple Pay to the country.
However, the company did not say the exact date of activation and no other details were provided as well. Rather, Apple said it will release more information later.
As per Yonhap News Agency, Apple Pay may use Hyundai Card for its launch in the region. It has been in talks with the credit card subsidiary of Hyundai Motor regarding the partnership for some time now. Once available, users of iPhones and other Apple devices will be able to pay for bills and purchases via Apple Pay.
The arrival of the said mobile payment service will use the near-field communication (NFC) system which is a short-range wireless protocol. Apple Pay is expected to heighten the competition in the country’s mobile payment market which has been long dominated by Samsung Electronics' Samsung Pay.
In a new update, The Korea Economic Daily reported that Apple Pay will indeed use Hyundai Card to operate in South Korea. People can expect the mobile payment service to arrive as early as March. Other credit card companies may also integrate Apple Pay but they have to prepare for this for at least six months.
"After Apple Pay's adoption, we must consider the actual ripple effect and profitability according to the range of expenses," an insider from a credit card firm stated. "Over the long run, all credit card companies will prepare for Apple Pay's launch but for now, a wait-and-see attitude is strong."
Finally, once the service is running, a Hyundai Card user can simply register their card with Apple Pay to make payments at affiliated stores. It was added that they can also register Standard Chartered Bank’s check cards that were issued by Hyundai Card.
Photo by: Nathan Dumlao/Unsplash
