Apple Pay’s arrival may pose a serious threat to Samsung Pay’s business

Launched back in 2015, Samsung Pay is one of the top service offerings from Samsung. This digital payment app is designed for online transactions without the use of a bank/credit card. The company currently provides this amazing service to many markets around the world.

So far, Samsung Pay does not have competition from Apple in South Korea, but this will obviously change soon. The South Korean government plans to invest $ 133 billion in a new program called ‘K-New Deal,’ designed to help strengthen projects across the digital and green economy.

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The project also aims to improve South Korea’s NFC mobile transaction infrastructure and build a better platform for MZ-producing customers. As per the @FrontTron report, Apple Pay will eventually be released in South Korea as part of the K-New Deal strategy.

Earlier, the South Korean media reported that the card issuers in the country have been trying to bring Apple Pay to South Korea since 2015, but Apple’s demands have been stricter. The problem persists to this day, and last year, some home card issuers reportedly stopped negotiating with Apple altogether because of the US company’s unreasonable spending.

However, the South Korean and Apple card issuers are likely to be working on a new strategy for the K-New Deal program. There is no word on when Apple Pay will launch in Korea, but if these plans continue.

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//Via