Apple Pay can be launched in S.Korea, says financial regulator

Source From: ENT 2023-02-03 07:50:06

South Korea's financial regulator said on Friday that local credit card firms can introduce Apple Pay, the long-awaited mobile payment service of US tech giant Apple, as they have followed relevant procedures.

There have been reports for months that Hyundai Card, a local 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.

Market watchers initially expected the service to be launched late last year. Financial authorities had reportedly reviewed whether the Apple Pay service runs counter to local regulations and laws.

"Having taken into consideration relevant rules and regulations and their interpretations, we confirm that credit card companies can push for the introduction of the Apple Pay service as they have obeyed necessary procedures," the Financial Services Commission (FSC) said in a release.

The FSC emphasized that credit card firms should not transfer fees arising from the use of Apple Pay to customers or shops, while calling for measures to ensure customer protection from such risks as the theft of personal information.