Apple Pay coming to South Korea with iOS 16.4 after getting approval from local regulator

Apple Pay was expected to be launched in South Korea in November last year. However, the launch was delayed due to demands from the local regulator Financial Supervisory Service Commission (FSS). Although the situation about Apple Pay in South Korea has since remained unclear, 9to5Mac has learned that the platform will arrive in the country with the release of iOS 16.4.

Apple Pay coming soon to South Korea

According to code seen by 9to5Mac in the second beta of iOS 16.4, which was released on Tuesday to developers, the system is now ready to allow users in South Korea to add their credit and debit cards to Apple Pay. The update is expected to be released to the public sometime this spring.

Of course, Apple could also release a minor iOS update before spring to enable Apple Pay in South Korea. While support for Apple Pay in new regions is not necessarily tied to iOS updates, South Korea’s regulator has required Apple to revise the terms and conditions of the platform to comply with the country’s laws. Such changes were implemented with iOS 16.4 beta 2.

The FSS confirmed earlier this month to TechCrunch that Apple Pay has been given the green light to launch in South Korea, which lines up with iOS 16.4 adding related changes for users located in the country.

Apple’s payments platform was rumored to launch in South Korea in a one-year exclusive partnership with Hyundai Card. However, the new terms suggest that there will no longer be an exclusive partnership, meaning that other banks will also be able to work with Apple in South Korea once the service is launched there.

More about Apple Pay

Apple Pay is now available in dozens of countries, and Apple has been working to expand that list every year. In 2022, Apple Pay was also launched in Argentina, Armenia, Malaysia, Moldova, Peru, and Qatar.

With Apple Pay, customers can make purchases in stores or online without using a physical credit or debit card. All you need to do is hold your iPhone or Apple Watch near the NFC reader or confirm the transaction online with just a tap.

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