It appears that the US-based company Apple has decided to contest with the South Korean tech firm in its hometown. Yes, Apple is all set to introduce the Apple Pay service in South Korea.
Just last week FSC unveiled that the tech firm Apple meets all the standards. It could soon be introduced in South Korea if the company plans so. As of today, Apple and Hyundai Card declared that they are on the verge of introducing respective services in new locations.
It has been reported that Apple and Hyundai Card have worked in close association with one another for the last few months. This collaboration was meant for the introduction of Apple Pay in South Korea. The company Hyundai Card stated today that the company is looking forward to collaborating and introducing Apple Pay to consumers in South Korea.
Furthermore, Apple has also shared its stance on this matter. It said that the company is all set to introduce Apple Pay in Korea. As of now, no proper release date has been mentioned by any one company. However, Hyundai Card stated that more details will be uncovered in the upcoming months. As per the analysis of market watchers, Apple Pay could arrive in mid-2023 in South Korea.
When it comes to Samsung, the mobile payment platform by Samsung ranks as the third-largest in the country. The first two positions are taken by Kakao Pay and Never Pay. Until now, there was no obvious competition between Apple and Samsung in this particular category. Since the country lack the basic NFC (Near Field Communication) infrastructure that supports Apple Pay’s platform. But things seem to be changed now for both these companies.
In addition to Samsung, Apple Pay will also face competition from other companies like aToss, PayCo, Smile Pay, Rocket Pay, SSG Pay, SK Pay, L Pay, and Zero Pay. Currently, in South Korea, the market share of iPhones is around 30%. It seems like to be a good start for the company. On the other hand, Samsung holds a 63% market share in the smartphone sector.