Samsung Pay to soon face serious competition with Apple

There was not so even path of availability of Near-Field Communication(NFC) infrastructure and other needed regulatory factors in South Korea, thus Apple is still in wait to release its Pay service.

But the recent report is much more transparent about the arrival arrangement of another mobile payment. That would be the signage for Samsung Pay to tighten its belt and stay ready to face the competition in the mobile payment market in opposing Apple’s upcoming.

Samsung Pay to soon face serious competition with Apple

As per the recent estimation till the year 2022, Kakao Pay, Naver Pay, and Samsung Pay were Korea’s three largest mobile payment providers. And so on followed by Toss and PayCo in the fourth and fifth places, respectively (via Mordor Intelligence). Other players Smile Pay, Rocket Pay, SSG Pay, SK Pay, L Pay, and Zero Pay were maintained as secondary modes of payment.

For months now, reports indicate that Hyundai Card and Apple have been discussing the possible release of Apple Pay in Korea. And today, financial regulators confirmed that, in theory, Apple could bring its Pay platform to Samsung’s home turf if it so desired.

A recent press release from the Financial Services Commission (FSC) stated:

“Having taken into consideration relevant rules and regulations and their interpretations, we confirm that credit card companies can push for the introduction of the Apple Pay service as they have obeyed necessary procedures.” (via The Korea Times)

Particularly talking about Samsung Pay is the third-largest mobile payment service in Korea. But the platform could face competition from Apple soon. Market watchers say that iPhone users in Korea could gain the option to make mobile payments using Apple Pay in mid-H1 2023. Therefore Apple may introduce its payment mode in the coming March-April.

Samsung Wallet 2023 news

Whether or not Apple will choose to bring Pay to Korea is unclear. Regulators are OK with the prospect, but US tech giant has yet to confirm the release of Pay in Samsung’s homeland. Nevertheless, given all the previous reports, the company has been waiting for this moment for a long time and may launch a counter-attack on Samsung Pay this year.

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