Market Chatter: Apple Pay to Expand Footprint in South Korea With New Card Partnerships

MT Newswires Live01-28

Apple Pay is set to raise its reach in the South Korean market reach by partnering with Shinhan Financial Group (KRX:055550) subsidiary Shinhan Card and KB Kookmin Card as early as February, ending its exclusive agreement with Hyundai Card since 2023.

The move will provide consumers with more choices for using the digital wallet, The Korea Herald reported Monday.

However, concerns persist over Apple's 0.15% transaction fee for local issuers, which is considerably higher than rates in Israel, at 0.05%, and China, at 0.03%, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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