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Apple Pay can be launched in S. Korea: financial regulator

Techrands EditorialFebruary 3, 20231 Mins read640 Views
According to South Korea’s financial authority, local credit card companies can launch Apple Pay, the eagerly anticipated mobile payment service from US tech giant Apple Inc., provided they have followed the necessary processes. There have been rumors about Apple Pay, which enables users to make payments using iPhones and other Apple devices, for months. Hyundai Card Co., a local credit card division of Hyundai Motor Group, is reportedly in discussions with Apple about the introduction of Apple Pay. 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. In a release, the Financial Services Commission stated, “We certify that credit card firms can push for the introduction of the Apple Pay service as they have complied with all applicable rules and regulations and their interpretations. The FSC called for measures to enhance customer safety from risks including the theft of personal information while emphasizing that credit card companies should not shift fees associated with using Apple Pay to users or merchants. An employee of Hyundai Card declined to comment. According to experts, Apple Pay could debut in the midst of the opening period. Due to the great market dominance of Samsung Electronics Co.’s smartphones and a lack of technological infrastructure for the near-field communication 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 local mobile payment market, which is presently dominated by Samsung Electronics’ Samsung Pay, which is based on magnetic secure transfer technology. The FSC expressed optimism that the launch of Apple Pay will increase user convenience and support the future development of additional payment systems based on NFC technology.
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