Yonhap News reported on the 5th that the Financial Supervision Service has completed its revision of the terms and conditions of Apple Pay and that it is expected to be introduced in Korea early next year. Apple Pay is Apple’s simple contactless payment system. Similar to Samsung Pay.
According to Yonhap News, the Financial Supervisory Service completed its revision of the Apple Pay terms and conditions on the same day. An official from the Financial Supervision Service said in a call with Yonhap News: “The repair has been completed because there have been no problems with the terms and conditions.”
Currently, only 10% of the nation’s 2.9 million credit card merchants have NFC terminals compatible with Apple Pay. It is noted that the cost of distributing compatible devices will be a major factor in the expansion of Apple Pay.
Yonhap News predicted it would be difficult to launch the service later this year as financial authorities began reviewing additional terms and conditions related to Apple Pay. However, the card industry has said that the official service will be rolled out early next year.
