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After a long wait, Apple Pay has finally launched in South Korea, allowing users in the country to make contactless payments using their iPhones or Apple Watches.
Apple has been working to bring the payment system to South Korea since 2017, but was unable to be registered as an electronic financial business operator due to regulatory concerns about potential violations of local regulations and laws. However, Apple was finally approved by financial regulators in February of this year.
One of the biggest challenges for Apple Pay in South Korea is the low adoption rate of NFC terminals in retail stores. Although there are now more NFC terminals than there were six years ago, there are still relatively few, which could present a significant obstacle for the service.
Despite these challenges, Apple Pay is now available in a number of major retail stores in the country, including McDonald’s, Shake Shack, Lotteria, Krispy Kreme, Gong Cha, Lotte, HomePlus, Hollys, and more.
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At the moment, however, Apple Pay is limited to users of Hyundai Card, which means that those who are interested in using the service may need to obtain a Hyundai Card in order to do so. No other card companies are currently participating in Apple Pay, although this may change in the future.