It is expected that the approval from South Korea will help spur other countries to allow Apple Pay, as the service has become a popular way to make purchases.
The Korea Financial Services Commission (FSS) is reportedly reviewing the Apple Pay launch clause submitted by local credit company Hyundai Card, a financial unit of Hyundai Motors. The review could delay thecredit company’s plans to launch Apple Pay in South Korea. This comes nearly two months after South Korea’s FSS confirmed to TechGround that it is reviewing the Apple Pay launch clause submitted by local credit company Hyndai Card.
Apple Pay has quickly become the most popular mobile payment system in the world, but it’s only compatible with a handful of devices. Hyundai Card announced that they have a one-year exclusivity partnership with Apple Pay in South Korea, which will allow only Hyundai Card holders to use the service at first. This is great news for iPhone users who prefer not to carry around multiple cards and cash, since they can now use one app to pay for their purchases.
Previously, Hyundai Card holders could only use Apple Pay on devices with an iOS 11 or later operating system. However, the FSC has announced that other cardholders will be able to also use Apple Pay service now. This means that Hyundai Card does not have its exclusivity partnership anymore.
Apple Pay has received mixed reviews, with some praising its convenience and others citing security concerns. Nevertheless, the use of credit cards through Apple Pay may be a sound decision for some customers, as credit card companies should not have customers or merchants pay commissions incurred through the service. Additionally, Apple should work closely with card issuers to ensure that users’ personal information is protected from theft and other risks.
Apple Pay is a mobile payment service that was introduced by Apple Inc. in 2014. The service has been widely accepted and used by consumers and businesses around the world. Local players like Samsung Pay have the most widely used mobile payment service in Vietnam, but Apple Pay is expected to gain more traction in the country after its launch later this year. This increased competition will spur innovation among different companies, who will strive to create better mobile payment solutions that can appeal to consumers across all economic levels.
South Korea’s lack of NFC support at retail stores could be a hurdle for Apple Pay because NFC transactions are more secure than MST transactions. Additionally, about 10% of 2.9 million local retailers in South Korea reportedly have NFC enabled in their credit card terminals, which might not be enough to support the widespread adoption of Apple Pay.
Apple Pay service is expected to promote NFC payment service in the country because it is convenient and fast. FSC believes that this will encourage people to use this payment method more often, which will benefit both merchants and consumers.
Apple’s digital payment service, Apple Pay, has now been implemented in eleven countries across Asia Pacific. This initiative is likely to increase consumer trust in the company as well as its products, with the added convenience of being able to pay for goods and services using their smartphone.
