Apple Inc. today officially launched its Apple Pay payment service in South Korea, allowing iPhone and Apple Watch users in the country to use Apple’s payment system to make contactless payments.
Apple has been pushing for the Apple Pay service to land in South Korea since 2017, but it was not until February of this year that Apple received approval from financial regulators due to heavy scrutiny from regulators.
A report in The Korea Times that NFC terminals in Korean retail stores have grown significantly over the past six years, but adoption remains low, which is a “major challenge” for Apple’s rollout of Apple Pay services in Korea.
Another notable point is that Apple Pay in Korea is currently limited to Hyundai Card users only, with no other banks joining Apple Pay.
