Apple Pay is going to compete head-on with Samsung Pay in South Korea
Apple Pay will finally become available in Samsung’s home country of South Korea “in the coming months”, in partnership with Hyundai Card, the credit card service unit of Hyundai Motor Group.
The launch of Apple Pay will be interesting to follow, as it will go head to head with Samsung Pay in the latter’s home market. Understandably, so far Samsung Pay has dominated the mobile payments space in South Korea, with a market share of around 80%.
Last week, Korea’s Financial Services Commission confirmed that credit card firms in the country are allowed to launch the Apple Pay service on condition that they don’t charge consumers or merchants any fees for it. Hence, Hyundai Card is now eager to make it happen.
South Korea will be Apple Pay’s 10th Asia-Pacific territory. Right now it’s already available in Australia, New Zealand, China, Hong Kong, Macao, Japan, Malaysia, Singapore, and Taiwan.