Shinhan, KB, Toss hesitate to adopt Apple Pay

Shinhan Card, KB Kookmin Card and other Korean financial firms remain hesitant to adopt Apple Pay, delaying the service’s expansion and fueling frustration among iPhone users. Hyundai Card remains the only card issuer offering Apple Pay in Korea, and it is unclear when other providers will join, according to industry officials Tuesday. Card issuers are concerned that fees paid to Apple and the cost of building payment infrastructure could undermine profitability. Questions about the fairness of fees charged for Apple Pay while Samsung Wallet, formerly Samsung Pay, remains free have added to their concerns. Several financial firms have taken steps toward introducing Apple Pay since Hyundai Card launched it in 2023, but some have put their plans on hold despite completing a regulatory review of their terms and conditions. Shinhan Card received approval from the Financial Supervisory Service (FSS) in December 2024. However, it has since continued to review the timing and profitability of a launch. Expectations surrounding KB Kookmin Card grew in August 2024, when a recruitment website carr