Apple Pay has secured approval from South Korea’s Financial Services Commission (FSC) to roll out its operations across the country.
The regulatory nod allows local credit card companies to launch Apple Pay after completing necessary requirements.
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Previously, various media outlets reported that Hyundai Card, a local credit card business of Hyundai Motor Group, was having discussions with Apple Pay’s parent company Apple for launching the service in South Korea.
The negotiations involved the use of iPhones and other Apple devices by consumers for making payments against their purchases.
Initially, market analysts anticipated Apple Pay to launch its service in the country late last year.
Apple Pay is now expected to introduce its service by mid-first half of this year.
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By GlobalDataThe latest clearance comes after Apple Pay forayed into Malaysia in August last year.
In a release seen by Yonhap, FSC said: “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.”
FSC further highlighted that credit card companies should not pass on the fees charged for the use of Apple Pay to consumers or sellers.
It also appealed the firms to take necessary steps to safeguard customers’ personal data from being stolen.
Influence of Samsung Pay in South Korea’s payment industry and a dearth of technological infrastructure for the near-field communication (NFC) system have delayed Apple Pay to launch its service in the country, according to the publication.
