Since the exclusive introduction of Apple Pay with Hyundai Card in March, many have been wondering when other card companies would be added. Today, it’s announced that Apple Pay will support major card companies. Please refer to the details below.
Apple Pay to support Shinhan Card, KB Kookmin Card, and BC Card
Apple Pay is planning to expand its services by collaborating with the top three financial groups in Korea: Shinhan Card, KB Kookmin Card, and Woori Card.
With these three card companies joining Apple Pay, the expected service launch is between September and October. This collaboration will bring the total number of domestic brands participating in Apple Pay to 151. As NFC payment terminals spread to general merchants, Apple Pay usage will likely increase, spurring the spread of Near Field Communication (NFC) payments.
Shinhan Card, with the highest market share of 21% in the domestic card market, and KB Kookmin Card, the second in bank-affiliated cards with a 17% market share, announced their cooperation with Apple Pay, bringing their combined market share to around 40%. The collaboration with BC Card, a card company specializing in processing, will lead to a significant increase in usage.
Recently, financial groups have set their sights on the MZ generation market and plan to expand the check card market through targeted services. By combining Apple Pay services, they aim to secure the MZ generation customer base. As a result, it is expected that about 80% of total registered users will be in the 20-30 age range of the MZ generation.
Looking at the Apple Pay performance data released by Hyundai Card, 51% of Apple Pay registrations were in their 20s.
With these developments, we look forward to the changes that will occur in the domestic payment market as Apple Pay expands its services.
Summary of Apple Pay launching with Shinhan Card and KB Kookmin Card
Apple Pay plans to expand its services with Shinhan Card, KB Kookmin Card, and Woori Card (handled by BC Card)
These card companies are expected to launch Apple Pay services between September and October
A total of 151 domestic brands will be included in Apple Pay, increasing its usage
Apple Pay will also support T-money transportation cards starting in September. The “tmoney” section has now been added to the iPhone operating system iOS 17 beta version developer manual, which was announced at the Apple Worldwide Developers Conference (WWDC) on June 5th. This newly added T-money will make public transportation usage more convenient and secure in Korea.
In conclusion, the spread of terminal devices for the use of Apple Pay with Shinhan Card and KB Kookmin Card will take at least 2-3 years (currently estimated at a 10% distribution rate). For the time being, I plan to use offline payment services through Shinhan Touch Payment. It will become a thing of the past in a few years, right?
This is where we’ve reviewed the upcoming “Apple Pay support for Shinhan Card, KB Kookmin Card, and T-money transportation cards.”
