Apple Pay will soon enter the South Korean market, but according to a new report, it will be delayed due to a request from the Korean Financial Services Agency to review its terms.
According to Naver, Korea’s Department of Financial Services has revised the terms of Apple Pay, but “there are some things that need to be considered separately” and “further discussions with the department.” Naver believes Apple Pay will be delayed until late December or early January 2023 in Korea.
The Korea Herald reported that some users were able to access Apple Pay terms when they tried to add Hyundai Card (Hyundai Motor Group’s credit card) to the Apple Wallet app. At the time, the report also said that Apple Pay would go live in South Korea in November or at least early December, according to the leaked document.
It’s unclear whether Apple Pay will launch in Korea with exclusive support for Hyundai cards, and whether other compatible cards will be available. Interestingly, Naver’s report also mentions that a delayed launch of Apple Pay in South Korea may not have a big impact because there are not many NFC-enabled payment terminals in the country.
Apple Pay users can make purchases in stores or online without using a physical credit or debit card. Users will need to hold their iPhone or Apple Watch near an NFC reader or tap to confirm transactions online.
