Apple Pay will be made available in South Korea starting with Large Stores like KFC, Costco, Lotte Himart, Ediya, Mega Coffee and more
According to a new Korean report this morning, Apple's near field communication (NFC) payment service, Apple Pay, will land in Korea for all credit card companies. A high-ranking official from the Financial Services Commission said, "During the authoritative interpretation process, Hyundai Card decided to delete the exclusive contract clause that was included in the original contract. Therefore, other credit card companies can sign a contract with Apple to provide Apple Pay service in Korea at any time." The official added, "However, Hyundai Card receives an authoritative interpretation first, so it is not a monopoly, but 'priority' to service Apple Pay in Korea."
Hyundai Card signed an exclusive contract with Apple for domestic Apple Pay service in August 2022 and planned the service within the year.
In the course of the Financial Supervisory Service's review of terms and conditions and the Financial Services Commission's authoritative interpretation, Apple Pay's introduction to Korea was checked for violations of the Personal Information Protection Act due to personal information leakage , device supply rebates, validity of overseas fees attached to domestic payments when using Apple Pay, etc.
As discussions on key issues were delayed, a conclusion could not be reached for several months. For this reason, late last month, the Financial Services Commission discussed key issues related to the introduction of Apple Pay with three credit card companies, including Shinhan, Samsung, and BC.
In the end, it is known that Hyundai Card dropped the exclusive contract for Apple Pay in Korea and agreed to take all responsibility from the service card company when problems arise during the operation process.
Lastly, ETNews reported that Hyundai Card will start service in Costco, Lotte Himart, Ediya, Mega Coffee, KFC, and large domestic convenience stores that support NFC payment, and increase the number of affiliated stores mainly in large stores.