Apple's First Official Announcement: "Apple Pay Launching Soon in Korea"

[Asia Economy Reporter Oh Su-yeon] Apple officially announced on the 8th that it will launch its contactless payment service 'Apple Pay' in South Korea.

On the same day, Apple stated, "We plan to launch Apple Pay in Korea," adding, "Further details will be announced later."

[Image source=Yonhap News]

Although detailed service plans were not disclosed, this is the first time Apple has officially confirmed the launch of Apple Pay in Korea. Hyundai Card also announced on the same day that it plans to launch Apple Pay in Korea in collaboration with Apple.

Earlier, on the 3rd, the Financial Services Commission interpreted that the introduction of Apple Pay's domestic service is possible. Initially, Hyundai Card was expected to have exclusive rights to launch the service, but during the Financial Services Commission's review process, the contract was changed to a priority contract with Hyundai Card, allowing other card companies to also launch Apple Pay.

Apple did not specify the exact launch date of Apple Pay in Korea. Industry insiders expect the service to begin in early next month. It is anticipated that the service will first start through Hyundai Card. Since the installation of near-field communication (NFC) terminals is required separately, it is expected to spread mainly among large franchises.