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Apple Pay Set to Launch in South Korea

In the coming months, Apple Pay will be launched in South Korea with the support of Hyundai Card.

Apple Pay Set to Launch in South Korea

Source: Pixabay.com

Apple has not yet provided detailed information about the launch of a mobile payment system in South Korea. The local Financial Services Commission has made a decision that allows card issuers to add support for Apple Pay, provided there is no charge from cardholders or sellers for using the service.

Apple and Hyundai Card have confirmed the launch of the payment system in the coming months, but have not yet given specific dates.

The Financial Services Commission stated that all foreign payment services can conduct business in the country if they strictly follow the norms of local legislation that regulate the processes in the financial market.

The introduction of Apple Pay on a limited scale in South Korea began in November last year. As part of the pilot launch of the system, local users were able to make online payments using it.

In August last year, Apple Pay became available to residents of Malaysia and Qatar. In Malaysia, AmBank, Maybank and Standard Chartered Bank customers can use the service. Merchants accepting Apple Pay payments are KFC, Maxis, Machines, McDonald’s, Mydin, Pizza Hut, Starbucks, U Mobile, Uniqlo, Village Grocer, and Watsons, as well as apps and websites including Shopee, Sephora, Atome, and Adidas.

In Qatar, the payment system is supported by Arab Bank, Commercial Bank of Qatar, Dukhan Bank, Qatar Islamic Bank, Qatar International Islamic Bank, QNB, and American Express.

In October 2022, Apple Pay was launched in Kuwait. The payment system appeared on the local financial market after Apple reached an agreement with the country’s Ministry of Finance and the Kuwait Direct Investment Promotion Authority on the operation of the service.

As we have reported earlier, Circle Adds Apple Pay Support.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.