After years of anticipation, Apple Pay has finally launched in South Korea. This means that individuals living in the country can now use Apple’s payment system to make contactless payments via their iPhone or Apple Watch. This long-awaited launch is expected to bring greater convenience and security to mobile payment transactions in South Korea, with Apple Pay’s advanced security features providing added peace of mind to users.
It was widely anticipated that Apple Pay support would be enabled in South Korea with the release of iOS 16.4. While it’s possible that Apple was waiting for the public release to enable support, it seems that the launch has come even sooner than expected.
Apple faced regulatory hurdles that prevented it from being registered as an electronic financial business operator. These hurdles were due to local regulations and laws, which led to an investigation into whether Apple Pay violated these rules. After several years of negotiations and compliance efforts, Apple was finally approved by financial regulators in South Korea in February, paving the way for the long-awaited launch of the service.
When Apple Pay was first introduced in the country, there were relatively few NFC terminals available for users to make contactless payments. Although the number of NFC terminals has increased in recent years, there are still limitations that could make it difficult for Apple Pay to gain widespread adoption in the country. According to The Korea Times, Apple Pay will continue to face “significant challenges” due to the limited number of NFC terminals available for users to make contactless payments.
At present, the only financial institution supporting Apple Pay in South Korea is Hyundai Card. However, Apple is expected to expand its list of supported banks and financial institutions in the near future. The company has stated that it will update the list of supported banks on its website as more options become available.
Earlier reports had suggested that Apple Pay would launch in South Korea with an exclusive one-year deal with Hyundai Card. However, it seems that this deal did not materialize. Aaron shared code confirming that the set-up process for Apple Pay is now enabled in South Korea. This launch comes after Apple had initially planned to introduce support for Apple Pay in the country back in November of last year.
Apple Pay now allows users in South Korea to add credit and debit cards from supported banks to their iPhones and Apple Watches to make contactless payments at stores that accept such payment methods. Additionally, Apple Pay cards can be used for online purchases on Apple devices like iPhone, iPad, and Mac.
Here’s the link to the official Apple support document: https://support.apple.com/en-us/HT204916. It provides a comprehensive list of countries and regions that support Apple Pay along with the list of banks and card issuers that are compatible with the service.
Source: Apple Support