Apple’s simple contactless payment system, Apple Pay, is expected to be introduced in Korea around the beginning of next year, focusing on major retail card merchants.
The Financial Supervisory Service decided to complete the review of Apple Pay’s terms and conditions and review issues other than the terms and conditions as well.
As the review of Apple Pay’s terms and conditions has been completed, the industry expects that the official service will be launched around the beginning of next year as soon as additional issues are reviewed.
However, it is estimated that only 10% of domestic credit card merchants have NFC terminals compatible with Apple Pay.
Previously, Hyundai Card signed a contract with Apple for the exclusive use of Apple Pay in Korea for a certain period of time and has been preparing for the domestic launch.
YTN Minki Choi (choimk@ytn.co.kr)
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