South Korean financial regulators have finally approved Apple’s payment service in the region.
The Korea Herald recently reported that the mobile payment system will launch in the first half of 2023. In a press release, the FSC, or Financial Service Commission has ‘taken into consideration’ the rules and regulations, and confirmed that card companies can start offering Apple Pay and ‘obeyed necessary procedures’
The FSC further mentioned that the firms may not transfer the fees associated with the service to shops or customers while ensuring that customers are protected from data theft. Discussions to bring Apple Pay to South Korea began in 2017, but the process was met with difficulties, particularly registering as an e-financial business operator and seeing if it can be integrated well with local laws and regulations.
Apple Pay launched in the US in 2014 and expanded to more regions over time. Apple Pay can be accessed through supported Apple Watch and iPhone devices.