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Financial Services Commission Greenlights Apple Pay in S. Korea

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The Financial Services Commission in Korea has approved the use of Apple Pay.

Credit card companies can promote the service but must comply with relevant laws such as the Specialized Credit Financial Business Act and the Electronic Financial Transaction Act.

The companies are not allowed to pass on the costs associated with Apple Pay to customers or merchants and must take measures to protect consumers.

It is expected that the release of Apple Pay will improve payment convenience for users and promote the development of NFC-based payment services.

For overseas payment services, providers must comply with local laws.

The Credit Card Social Contribution Foundation and the Shared Growth Committee support small and medium-sized merchants with NFC/QR terminals.

The industry has had concerns about disclosing payment information and rebates for providing NFC terminals, but the Financial Services Commission has not found any problems.

Apple Pay uses the EMV international payment standard developed by Europay, MasterCard, and Visa.

The Commission has confirmed that payment information is secure and that measures are in place to protect consumers.

The rebate for providing NFC terminals was outside the Specialized Credit Financing Act.

An official from the FSC told South Korean media, “Credit card companies must comply with relevant laws and regulations and not impose costs such as fees related to Apple Pay on customers or partners.”

The official added that the expected release of Apple Pay would bring convenience to users and further drive the development of new payment services based on NFC technology.

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