Apple Pay is about to enter the South Korean market, but according to the latest report, due to the South Korean Financial Supervisory Authority's request to review its terms, will put Apple Pay on hold in South Korea.
According to Naver, South Korea's Ministry of Financial Services has amended the terms of Apple Pay, but there are some things that need to be considered separately and further discussions with the ministry are required. Naver believes that the launch of Apple Pay in South Korea will be delayed until late December or early January 2023 .
As early as October, the Korea Herald reported that some users were able to access the terms of Apple Pay when they tried to add a Hyundai Card (the credit card of Hyundai Motor Group) to the Apple Wallet app. At the time, the report also said that Apple Pay would go live in South Korea in November or at least early December, according to the leaked document.
It's unclear if Apple Pay will launch exclusively in South Korea with support for modern cards, and if there will be other compatible cards. Interestingly, the Naver report also mentions that Apple Pay's delayed launch in South Korea may not have a big impact, as there are not many payment terminals that support NFC in South Korea.
Apple Pay users can make purchases in stores or online without using a physical credit or debit card. Users need to hold their iPhone or Apple Watch close to an NFC reader, or tap to confirm the transaction online.