Hyundai, a local credit card provider in South Korea, has said it will work with Apple to make Apple Pay available to its customers now that the service has received regulatory approval.
South Korea’s local credit card company Hyundai will be the first to collaborate with Apple Pay
Apple users in South Korea will soon be able to use Apple Pay, over ten years after the service was initially introduced in the United States. Given that Samsung Pay, a product of the Korean company Samsung, dominates the region, the region’s decision to authorize the service is noteworthy.
Currently, local regulators have approved Apple Pay, subject to a few limitations, and local credit card provider Hyundai has confirmed plans to launch the service first. Nikkei Asia reports that Hyundai Card has not specified a launch date for Apple Pay functionality.
“We look forward to collaborating with Apple to introduce Apple Pay to S. Korea,” Hyundai Card said in a statement. “We will share more details in the coming months.” Hyundai Card is a credit card service unit of Hyundai Motor Group.
Contacted by Nikkei Asia, Apple offered a similar statement. “We look forward to bringing Apple Pay to [South] Korea,” it said, adding that further details would be released in the same time frame mentioned by Hyundai Card.
The announcement comes less than a week after the Financial Services Commission said that credit card companies are allowed to introduce Apple Pay in the region if they do not charge customers or merchants any fees associated with the program. According to the financial regulator, other international payment providers may operate in the nation, provided they follow all applicable laws and regulations.
Several social media posts from November 2022 showed the use of Apple Pay with a Hyundai Card, implying that South Korea would get the service in the same month. However, the FSS postponed the launch because it needed to assess the service’s terms and conditions before it could launch.