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Nevertheless, the company had to give up its exclusive license as supplying NFC terminals in stores that signed up for Apple Pay because it was impossible to do so without violating related regulations. The card company initially claimed exclusive use of Apple Pay in their contract for a whole year, which was a move to expand their share in the domestic credit card market. In the cases of smaller businesses that make less than ₩3 billion in average annual sales, additional support will be provided for the service installation in their stores.Īpple Pay in Partnership with Hyundai Card ()įor now, the payment service is limited to iPhone users with a Hyundai card. The service will use Near Field Communication (NFC) technology for contactless payments, which means NFC readers must be readily available in retailers. Currently, franchises of major conglomerates have already set up NFC terminals to introduce Apple Pay in their stores, including convenience stores, supermarkets, and coffee franchises. Hyundai Card announced on February 8 th that the service would be launched in March, but the company is yet to reveal specific details.

What Is Apple Pay, and Where Can We Use It?Īpple Pay is a payment service that sees a collaboration between Apple Korea and Hyundai Card, a financial unit under the Hyundai Group. To clarify the topic, the Sungkyun Times (SKT) has pieced together an overview of what Apple Pay is, who it will be available for, how it can be used, and key differences with its major competitor Samsung Pay. Now that Apple Pay is set to enter the game, you may wonder what changes there would be in the near future. After months of unconfirmed rumors about the launch, the South Korean Financial Services Commission finally confirmed Apple Pay’s entrance into the domestic market this month. SNS 기사보내기 페이스북(으)로 기사보내기 트위터(으)로 기사보내기 URL복사(으)로 기사보내기 다른 공유 찾기Īpple users in South Korea are excited about the long-awaited launch of Apple Pay – Apple’s smartphone payment service that is revving up to spark competition with Samsung Pay, Samsung Electronics’ nationwide service.