Apple Inc’s AAPL contactless payment service is all set to be launched in South Korea after months of review by the country’s financial regulator.
What Happened: Apple said in a Korean press release for the newly launched yellow iPhone that Korean users “will be able to use Apple Pay ... to make quick, easy, and secure payments at online and offline merchants and apps.”
Last month, news emerged that Apple was partnering with Korea’s Hyundai Card to challenge Samsung’s SSNLF dominance in the mobile payments market, reported Nikkei Asia.
“We look forward to collaborating with Apple to introduce Apple Pay to S. Korea,” said Hyundai Card in a statement at the time.
Why It Matters: The launch of Apple Pay could threaten Samsung's prime position in South Korea, noted Nikkei Asia.
Samsung Pay reportedly makes up 80% of the market share in Korea in the nation's payment market. The company makes the Galaxy range of Android phones that compete with Apple’s iPhone smartphones that run the proprietary iOS operating system.
@mykoreandic How to pay in Korea 😏 #learnontiktok #koreanculture ♬ original sound - Mykoreandic
Apple Pay is already available in many Asian countries and regions including Japan, China, Malaysia, Singapore, Hong Kong, and Taiwan.
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