Apple Pay is now available in South Korea
In South Korea, the top three well-known mobile payment services are Samsung Pay, Kakao Pay, and Naver Pay. Previously, it was reported that Apple is going to introduce its mobile payment service in South Korea. It was indicated that Apple would collaborate with Hyundai card and introduce Apple Pay in Samsung’s hometown. Recent reports indicate that Apple has launched the service in South Korea. However, the company is moving slowly with the rolling out of its mobile payment service.
With Apple Pay, iPhone, and Apple Watch users could pay using NFCs. Previously, it has been mentioned that Apple is partnering with Hyundai Card at the moment. Hyundai Card provides the same services as Samsung. However, the distinguishing factor between the two services is the utilization of NFC, QR codes, and MST (which imitates cards with magnetic stripes) by Hyundai Card for mobile payments.
A report suggests that less than 10% of stores in South Korea support NFC-based payments. For this reason, nothing can’t be said regarding the success of Apple Pay in the region. In order to install a PoS (Point of Sale) device that supports NFC payments, a shopkeeper has to pay around KRW 150,000 (around $115). Though, all PoS machines support magnetic card swipes. Therefore, Samsung Pay is consistent with most payment devices in stores.
In contrast to Samsung Pay, Apple Pay charges its users. It charges around 0.1%-0.15% fee from consumers, stores, as well as credit card companies. Previously, some reports indicated that Samsung Pay, Naver Pay, and Kakao Pay could even begin charging their consumers. However, there is no solid evidence regarding this information. Almost 80% of users in South Korea use a Samsung smartphone, so it remains to be seen how popular Apple will be with Apple Pay.
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