Apple Pay set to launch in South Korea
Apple Pay will go live in South Korea with support from Hyundai Card in the next few months, according to local media reports that cite statements from the two companies. Confirmation of the rollout follows a decision by South Korea’s Financial Services Commission that allows card issuers to add support for Apple Pay provided that they do not charge cardholders or merchants fees for using the service.
Both Apple and Hyundai Card have issued short statements confirming the launch and said that further details will be released “in the coming months”, according to a Nikkei Asia report.
“The announcement comes less than a week after the Financial Services Commission confirmed on Friday that credit card firms are free to launch the Apple Pay service in the country on condition that they do not charge consumers or merchants fees related to the service,” the report explains. “The financial regulator said that other foreign payment services can also conduct business in the country if they adhere to related laws and regulations.”
Apple Pay began a limited pilot rollout in November 2022 that enabled consumers in South Korea to use the service to make online payments.
The launch of Apple Pay in South Korea could threaten the dominance of Samsung Pay — the payment service of technology giant Samsung Electronics, the country’s biggest company — in its home country as iPhone users will be able to enjoy the service with their handsets. Samsung Pay accounts for about 80% of the market share in the country’s mobile payment market, according to local media, thanks to the company’s Galaxy phones.
South Korea will be the 10th Asia-Pacific country or region where Apple Pay will be available. So far customers can use the service in Australia, New Zealand, China, Hong Kong, Macao, Japan, Malaysia, Singapore and Taiwan, according to Apple.
Check out comparison table outlining the major differences between Samsung Pay and Apple Pay
| Feature | Samsung Pay | Apple Pay |
|---|---|---|
| Technology | Uses both NFC and MST | Uses only NFC |
| Availability | Available on Android and iOS devices | Available only on iOS devices |
| Security | Offers tokenization, biometrics, and PIN | Offers tokenization and biometric |
| Compatibility | Works with a wider range of payment terminals | Designed for seamless integration with other Apple products |
| Additional features | Compatible with Samsung devices such as smartwatches and fitness trackers | Can be used for transit payments in some cities |
| User base | Potentially wider due to Android availability | Limited to iOS device users |
Overall, Samsung Pay has a wider potential user base due to its availability on both Android and iOS devices and its compatibility with a wider range of payment terminals. Samsung Pay also offers the additional feature of compatibility with Samsung devices, such as smartwatches and fitness trackers. Apple Pay, on the other hand, is designed for seamless integration with other Apple products and can be used for transit payments in some cities. Ultimately, the choice between the two platforms will depend on individual preferences and the devices they use.
