Apple Pay has achieved a remarkable feat in the South Korean payment market.
The service surpassed 1 million subscribers just one day after its launch on 21 March.
According to Ted Chung, vice chairman of Hyundai Card, one of Apple Pay’s partners in Korea, the number of Apple Pay tokens issued exceeded 1 million by 10 pm on 21 March.
He posted on his social media account that Apple said this was the “highest record ever” for its payment service.
Apple Pay allows users to make payments using their iPhone, Apple Watch, iPad, or Mac devices at offline merchants or online platforms that support the service.
Users can link their credit or debit cards to Apple Pay and enjoy the convenience and security of not having to enter card information or passwords for each transaction.
Hyundai Card is one of four companies partnered with Apple Pay in Korea. The others are Shinhan Card, KB Kookmin Card, and Lotte Card.
However, Apple Pay’s debut in Korea could have been smoother.
Some customers who linked their Hyundai cards to Visa reported delays in receiving payment tokens to register for Apple Pay.
Chung acknowledged the problem and said they were working hard to resolve it soon.
Apple Pay’s rapid growth in Korea reflects the high demand for electronic payment systems in the country, which has a high smartphone penetration rate and a vibrant online commerce sector.
It also challenges existing mobile payment services such as Samsung Pay and KakaoPay, which have dominated the market.
In addition, Samsung Pay announced its alliance with Naver Pay is going live today.
Please also read.
Apple Pay Partners with Toss Payments to Expand Payment Network
Smartro Launches FreePay App for SMBs to Pay with Apple Pay Without Additional Costs
Financial Services Commission Greenlights Apple Pay in S. Korea
Apple allows 3rd party payments in S. Korean AppStore.
