ETNews reports that Apple has been meeting with top financial and credit card institutions in South Korea. That includes Hana Financial Group, which has its headquarters in Seoul, and Visa. The Cupertino company is apparently also looking into the level of NFC adoption in the country.
One source familiar with the discussions noted that Apple is simply taking the steps it needs to before launching the mobile payments service in Korea. “We recently had a private meeting with Apple, and there are some problems that need to be solved in order to bring in Apple Pay,” an anonymous executive at one of the card companies told ETNews.
Apple Pay will likely be competing directly with Samsung Pay, which is set to launch this September. Samsung’s system will work in any store where credit cards are accepted, thanks to its support for magnetic stripe technology, giving it a big advantage over Apple’s NFC-based solution.
Despite all of this, Apple hasn’t confirmed its expansion plans just yet.