Apple Pay is Now Available in South Korea
April 4, 2023
Apple Pay is finally coming to South Korea, and it has made it known through a shield reported by the press to the media in that territory. Nothing that now its Korean users will be able to make simple, fast and secure payments using Apple Pay on your iPhone. Integrated with the new iPhone Yellow, and in stores and online applications.
Apple Pay
There’s no precise launch date for Apple Pay yet, but the service ran into a fairly fundamental problem last month, after the South Korean Financial Services Commission ruled that the nation’s credit card organizations have the ability to to give Apple Pay on the condition that they do not charge customers or merchants any fees for this. As an important fact, it must be taken into account that Samsung Pay definitely dominates mobile payments in its local market, reaching 80% of the market share, for which Apple’s work is going to be quite enormous.
The only pending issue for Apple Pay to be 100% in that territory is that iOS 16.4 receive a final update by the beginning of April. Currently, you can add Apple Pay-enabled Visa, MasterCard, and domestic-only credit and debit cards issued by upcoming card issuers in South Korea. Domestic-only cards only have the ability to add in the issuer’s app card.
Hyundai Card: some issuers did not present certain types of cards
This list is also updated once a card issuer is added. Contact your card issuer for support for your card. For now, Hyundai Card is the only option, but as stated, Apple will update the list of supported banks on this page as more features are added. Previously there was talk of launching Apple Pay with a unique one-year Hyundai Card agreement, however that does not seem to have materialized.
While Hyundai Card is the first launch partner in South Korea, it looks like Apple may add more partners at any time. Aaron also shared a code that ensures that the Apple Pay setup process is enabled. The launch came after Apple had hoped to roll out support for Apple Pay in November last year. For the full list of territories that have supported Apple Pay, see the official support file.
Apple, which introduced Apply Pay in 2014, has been trying to bring the payment system to South Korea starting in 2017. The launch was initially delayed as Apple has been unable to register as an electronic financial business operator in the territory. Local regulators then closely inspected whether the organization’s payment system violated Korean payment rules, further delaying the launch.
Last month, a South Korean financial regulator took the long wait for Apple’s pay service. The nation’s Financial Supervisory Service (FSS) said it will introduce Apple Pay in South Korea and let local cardholders use Apple Pay service including Hyundai Card. The latter has originally been in talks to have a one-year one-time bundle with Apple Pay in Korea, however that’s over.
Conclusion
South Korea has passed a law that app stores will not be able to force apps sold on them to use a specific payment procedure. Legislation that primarily harms Apple and Google, which will see relevant changes in the App Store and the Google Play Store. For a few weeks now we have been following the bill that South Korea was preparing so that app stores do not define the payment procedure to be used in them. After several delays, today the territory gave the green light to this law, becoming the first to experiment with the possibility of giving alternative payment procedures in application stores.
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