Apple Pay Likely To Launch In South Korea By Next Month

(CTN NEWS) – SEOUL –  According to South Korea’s financial authority, local credit card companies can launch Apple Pay, the eagerly anticipated mobile payment service from American tech giant Apple Inc., provided they have followed the necessary processes.

There have been rumors about Apple Pay, which will allow users to make purchases using iPhones and other Apple devices, for months.

Apple Pay will be launched by Hyundai Card Co., a local credit card division of Hyundai Motor Group.

Market observers initially anticipated the service’s debut in the latter part of last year. Financial regulators apparently looked into whether the Apple Pay service violates local rules and laws.

The Financial Services Commission (FSC) stated in a release that credit card companies might advocate for the deployment of the Apple Pay service as long as they comply with applicable rules and regulations and their interpretations.

The FSC called for steps to assure customer protection from risks, including the loss of personal information and highlighted that credit card companies shouldn’t pass fees associated with using Apple Pay on to users or merchants.

An employee of Hyundai Card declined to comment. According to experts, APay may go live in the middle of the first half.

Due to the great market dominance of Samsung Electronics Co.’s smartphones and a lack of technological infrastructure for the near-field communication (NFC) system, a short-range wireless protocol that the service depends upon.

Apple Pay has not been accessible to local users.

Apple Pay’s introduction is anticipated to increase competition in the regional mobile payment market, which is currently controlled by Samsung Electronics’ Samsung Pay, which uses secure magnetic transmission (MST) technology.

The FSC expressed optimism that the launch will increase user convenience and support the future development of additional payment systems based on NFC technology.

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