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The South Korean financial regulator said on Friday that the country approved an Apple Pay launch to allow local credit card companies to launch this Apple Pay service.
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The announcement comes two months since the South Korean Financial Supervisory Service confirmed to TechCrunch that it was reviewing the Apple Pay launch clause submitted by local credit provider Hyundai Card.
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As reported by previous media outlets, Hyundai Card had a one-year exclusive partnership in conjunction with Apple Pay in South Korea.
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This means that only Hyundai Card holders will initially be able to use the Pay Pay service on iPhones and other Apple devices.
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However, according to a Financial Service Commission statement, local cardholders will also be able to utilize this Apple Pay service, meaning Hyundai Card isn't able to benefit from its exclusive one-year partnership in conjunction with Apple Pay anymore.
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TechCrunch could not get in touch with Hyundai Card, which has yet to issue an official statement. Click here for further details.
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The FSC stated the fact that companies with credit cards must not allow merchants or customers to pay commissions via Apple Pay; they should be prepared to provide the security of users from the risk of loss of personal data.
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Apple is believed to demand that the card issuer pay a commission of 0.1 percent or 0.15 percent of the amount spent.