It has been reported by The Korea Herald that South Korea can now officially get support for Apple Pay.
South Korean financial regulators have been in talks with Apple since 2017 about bringing Apple Pay over there and it has finally been approved by said regulators.
According to the Financial Services Commission (FSC), “Having taken into consideration relevant rules and regulations and their interpretations, we confirm that credit card companies can push for the introduction of the Apple Pay service as they have obeyed necessary procedures.”
However, the FSC has stated the financial institutions shall not transfer fees from Apple Pay to customers or businesses.
The FSC has stated how great Apple Pay could be for South Korea.
“The FSC expressed hope that the introduction of Apple Pay could enhance convenience to customers and bolster the development of new payment services based on the NFC technology going forward. ”
The launch of Apple Pay in South Korea is now said to be taking place in the first half of 2023.
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