SEOUL, Sept. 7 (Korea Bizwire) — Hyundai Card Co. is in talks with Apple Inc. to introduce the U.S. tech giant’s mobile payment service to South Korean card users, industry sources said Wednesday.
Hyundai Card is nearing a one-year exclusive contract to provide the Apple Pay service in South Korea, they said.
If the contract is sealed, Hyundai Card is expected to test-run the service at places where near-field communication (NFC) readers are installed within this year, they said.
NFC payment enables contactless exchanges of payment in both smart devices and tap-to-pay credit cards.
Apple has been seeking to make inroads into South Korea’s mobile payment market but was kept away due to a lack of compatible NFC readers.
Some of the global card issuers that selectively support Apple Pay include Visa, Mastercard, Union Pay and American Express.