Apple Pay has finally been approved by South Korean financial regulators, which means the mobile payment system should launch in the first half of this year (via The Korea Herald).
“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,” the Financial Services Commission (FSC) said in a release.
The FSC emphasized that credit card firms should not transfer fees arising from the use of Apple Pay to customers or shops, while calling for measures to ensure customer protection from such risks as the theft of personal information.
Experts say that Apple Pay could be launched in the middle of the first half.
The launch of Apple Pay is expected to strengthen competition in the South Korean mobile payment market, currently dominated by Samsung Electronics’ Samsung Pay
