Finally, Apple Pay has been approved in South Korea and should launch in the first half of this year, reports The Korea Herald.
“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 country’s Financial Services Commission 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.
The expansion of Apple Pay to South Korea should continue the growth of Apple’s mobile payment system. An October 2022 survey of more than 2,200 people across the United States and United Kingdom has found that Digital Wallet payments, such as Apple Pay, Google Pay or PayPal, are increasing in popularity in both the US and UK, with at least 7 in 10 using the method regularly to pay for online purchases. Now those wallets are spreading to other countries.
