SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Apple Pay is coming to take Samsung Pay’s business on its home turf

Latest Samsung news
By 

Last updated: July 26th, 2021 at 13:15 UTC+02:00

Samsung Pay doesn’t have any competition from Apple in South Korea, but this will apparently change soon. The South Korean government is planning to invest $133 billion on a new initiative called ‘K-New Deal,’ which is meant to help bolster projects across the digital and green economy sectors.

The project is also looking to improve South Korea’s NFC infrastructure for mobile transactions and create a better platform for MZ generation customers. According to a fresh report, Apple Pay will eventually be released in South Korea as part of the K-New Deal strategy.

Why isn’t Apple Pay available in South Korea yet?

According to previous news from the Korean media, card issuers in the country have attempted to bring Apple Pay to South Korea since 2015, but Apple’s demands were too steep. This problem continues to this day, and last year, some domestic card issuers have reportedly stopped negotiating with Apple altogether because of the US company’s unreasonable fees.

But judging by the more recent report, South Korean card issuers and Apple might be working on a new strategy under the umbrella of the K-New Deal program. There’s no telling when Apple Pay could be launching in Korea, but if these plans go through, we’re likely to hear more about the platform’s launch in the coming months.

It will be interesting to see if Samsung will try to counter Apple’s move in South Korea, but either way, Apple’s eventual arrival poses a big threat for Samsung, the latter of which was protected indirectly by the aforementioned disagreements between Apple and card issuers.

Via Latest Samsung news AppleSamsung PaySouth Korea
Load 2 comments

You might also like

South Korean telcos raise subsidies on Galaxy Z Flip 4 ahead of iPhone 14 launch

Each new iPhone launch affects the sales of Samsung’s Galaxy smartphones. This year, Apple launched four new iPhones: iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and iPhone 14 Pro Max. These devices will launch in South Korea next month, and ahead of the launch, carriers have started offering higher subsidies on Samsung’s latest foldable […]

  • By Asif Iqbal Shaik
  • 2 hours ago

This smartphone manufacturer beat Samsung and Apple in Mexico

On average, Samsung is the world’s largest smartphone manufacturer. However, it doesn’t lead all its rivals in every market and performs better in some regions than others. In some markets, Samsung is the leading brand by a wide margin. While in others, such as Mexico, the company is trying to maintain its spot on the […]

  • By Mihai Matei
  • 19 hours ago

Samsung’s The Freestyle projector now comes in a limited edition avatar

Samsung has long had a tradition of launching limited-edition variants of its products. The company has launched dozens of limited-edition versions of its Galaxy S, Galaxy Z, Galaxy Buds, and Galaxy Watch devices. Now, the company has launched the first limited-edition variant of The Freestyle projector. The South Korean firm announced earlier today that it […]

  • By Asif Iqbal Shaik
  • 1 day ago

SoftBank CEO wants a strategic alliance between Samsung and ARM

We recently reported that although Samsung and SK Hynix were among the front runners in the acquisition of the UK-based chip designer ARM, Samsung may back out of this race because of antitrust issues and the increased acquisition price. The latest report now suggests that SoftBank CEO Masayoshi Son is seeking a strategic alliance between SoftBank-owned […]

  • By Sagar Naresh
  • 4 days ago

Samsung holds retirement ceremony for guide dogs, rehomes new puppies

Samsung Group has a hand in almost every corner of the market, from smartphones and TVs to medicine and cargo ships. Galaxy smartphone users aren’t generally aware of the company’s reach, but Samsung is a conglomerate that makes a lot of technological advancements possible in and outside of South Korea. However, not everything Samsung does […]

  • By Mihai Matei
  • 5 days ago

Samsung remains Korean investors’ favorite despite declining stock prices

The declining semiconductor market is leading South Korean analysts to revise the stock price target for Samsung Electronics in a downward trajectory. In addition, market watchers have lowered their expectations concerning Samsung’s operating profit for Q3 2022 by roughly 25% compared to last year. NH Investment & Securities analyst Do Hyun-woo revised Samsung’s stock price […]

  • By Mihai Matei
  • 7 days ago