Apple Pay rollout in South Korea delayed by regulators
Apple’s plan to rollout Apple Pay in South Korea has been delayed due to an eleventh hour review by regulators, pushing back the expected launch in November to some point later this month, or possibly early next year.
The regulators investigation was confirmed by South Korea’s Financial Supervisory Service which, according to a post on Naver, requires the government board to review parts of the Apple Pay service before it can be launched to consumers, although specific details on what has caused the last minute review are unknown.
It is rumored that Hyundai Card will be the only supported Apple Pay partner in South Korea when the service eventually launches, with other banks expected to gain Apple Pay support a year following its launch.
Apple Pay usage in South Korea is expected to be relatively low compared to other markets, according to the post on Naver, which contributes this to a low number of supported NFC-enabled payment terminals in the country.
It is not clear how long the review from the Financial Supervisory Service will take, and if Apple will need to delay the launch until next year.