Apple has announced the official launch of Apple Pay in South Korea following months of regulatory review by the country’s financial regulator. The release of the payment feature coincided with the unveiling of the iPhone 14 and iPhone 14 Plus in a new yellow color. In its press release for the Korean market, Apple also mentioned the upcoming launch of Apple Pay in the country.
[Update: Apple Pay has been launched in South Korea after facing regulatory delays for a long time. Similar to its operations in other markets, Apple’s payment service and wallet in South Korea will function on iPhone, Apple Watch, iPad, and Mac, enabling users to make payments at various places, including retail stores, restaurants, and cafes, both online and within apps.]
Apple Pay set to enter South Korea’s competitive mobile payment market
While the exact date of the launch is yet to be announced, it’s possible that Apple Pay could be included in the forthcoming iOS 16.4 update, which is expected in March or early April. The service, which was introduced in 2014, is now available in more than 50 countries worldwide.
Originally slated for a late 2022 release, the launch of Apple Pay in the region was delayed due to a last-minute review by the country’s Financial Supervisory Service (FSS) regulator. While the FSS stated that it needed to examine the terms and conditions of the service, it also alluded to “something to look at separately” without providing further details. However, the FSS completed its review in February and confirmed that credit card companies could move ahead with the introduction of Apple Pay as they had followed the necessary procedures.
In a press release, the FSS 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.”
The launch of Apple Pay in South Korea is significant for Apple as the country has a highly developed mobile payment market. Samsung Pay, for instance, has been available in the country since 2015, and other mobile payment services, including Naver Pay and Kakao Pay, are also widely used. Apple Pay’s entry into the market is expected to increase competition and provide South Korean consumers with more choices.