The financial regulator approved the launch of the Apple Pay payment system in South Korea. Negotiations on the launch began back in 2017. The service will be launched in the country this year.For the past few months, there have been media reports that Hyundai Card Co. has been in talks with Apple to launch the Apple Pay payment service in South Korea. The service was expected to launch in late 2022, but the local financial regulator delayed the process, finding out whether Apple Pay contradicts the country's legislation. Now the authorities have approved the launch of the service, and experts expect that users will be available in the first quarter of 2023.
Apple's first attempts to get permission to launch Apple Pay began back in 2017. Also the service has not yet been available in South Korea because of the predominance of Samsung smartphones in the market of the country, which noticeably dominate and offer their own services for contactless payment. The second reason was the low prevalence of payment terminals with NFC.
The country's authorities noted that the launch of Apple Pay will increase competition in electronic payments and encourage the spread of terminals that can accept contactless payment.