Overview:
Apple has managed to overcome the regulatory barriers of the Financial Services Commission (FSC) to introduce its Apple Pay service in South Korea in early March. The FSC had initially expressed concerns over the Apple proposal but cleared it eventually. Apple Pay is expected to threaten Naver Pay and Kakao Pay’s positions, expanding its presence in the mobile payment market and disrupting the industry driven by iPhone users’ aggressive switch after the NFC terminal installation and increasing support by the end of 2023.
Table of Contents:
- South Korea govt gives Apple Pay the green light
- More NFC terminals needed in retail stores
- Apple Pay to cause upheaval in mobile payment market
- Limited impact on smartphone market
- Mobile payment gaining traction in South Korea
- Samsung Pay, Naver Pay leading the market
- How Apple Pay entered China, a more conservative market
- Local mobile payment platforms strong in China, Japan
- Little impact of Apple Pay on iPhone sales in Japan, China
- Apple’s share gain already on track in S. Korea smartphone market
- Samsung Pay vs Apple Pay
- Hurdles to Apple Pay’s South Korea landing (Mostly cleared)
Number of Pages: 16
Published Date: February 2023