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Apple confirms launch of Apple Pay in S. Korea

Finance 10:04 February 08, 2023

SEOUL, Feb. 8 (Yonhap) -- U.S. tech giant Apple Inc. on Wednesday confirmed that its mobile payment service Apple Pay will be launched in South Korea.

"Apple will launch Apple Pay in Korea," the company said in an e-mailed statement.

But it did not elaborate on the exact timeline for the launch, saying it will announce further details in the future.

There have been reports for months that Hyundai Card Co., a credit card unit of Hyundai Motor Group, is in talks with Apple over the launch of Apple Pay that allows customers to make payments using iPhones and other Apple devices.

It uses the near-field communication (NFC) system, a short-range wireless protocol.

It is expected to bring about fresh competition in the local mobile payment market, which has been long dominated by Samsung Electronics' digital payment service Samsung Pay, based on the magnetic secure transmission (MST) technology.

The corporate logo of Apple Pay (PHOTO NOT FOR SALE) (Yonhap)

The corporate logo of Apple Pay (PHOTO NOT FOR SALE) (Yonhap)


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