South Korean financial regulator confirms it is reviewing Apple Pay service for launch.
The Financial Services Commission (FSC) of South Korea has confirmed that the financial regulator is currently reviewing Apple Pay’s application to launch its new payment service in the country. The FSC said it will issue a public statement on the matter between now and March 31st, while maintaining that other similar service providers are also required to follow local laws and regulations before entering South Korea.
The FSC said, “It is important to enact uniform regulations for the sake of ensuring policy consistency and transparency.” The FSC also said that it carefully investigated the market for payment terminals and e-wallets and will be analyzing various companies’ implementation of encryption technologies.
Following this conclusion, Apple Pay’s application as a payment service has been delayed until other similar companies can also provide secure mobile payments. Hence why there isn’t any specific date set on the matter.
However, Apple Pay is still supporting its launch in South Korea in March 2015.
A company spokeswoman for Apple said, “We look forward to working with FSC to launch Apple Pay in South Korea as soon as possible.”
Apple was originally supposed to launch its mobile payment service in South Korea during the second week of November. It is also reported that Apple could open its first retail store at South Korea by mid-September or October next year.
Apple Pay uses a new technology from Apple with its NFC chip, which is able to translate a credit card transaction into a unique token that utilizes near-field communication (NFC) to complete the payment without the use of an iPhone’s TouchID sensor.
As of now, Apple Pay works with American Express, Mastercard and Visa credit cards in the US. However, American Express and Visa are under scrutiny for failing to protect customer data during a massive retail data breach last month.
This is currently being investigated by the Federal Trade Commission (FTC).
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