![]() ![]() In the end, it raises concerns that fees will affect the profits of credit card companies which will then pass the burden on to consumers. The Apple Pay service fee that Apple receives in the United States is known to be up to 0.15 percent per transaction. Currently, Korea’s NFC terminal penetration rate is standing at only 10 percent.Īlso, unlike Samsung Pay, which charges no service fee, Apple Pay receives fees from affiliated card companies, which is also considered a barrier against Apple Pay’s popularization in Korea. However, Apple Pay is faced with a low penetration rate of near field communication (NFC) terminals in Korea, which are essential to its use. Now the iPhone can seek to expand its market share with Apple Pay front and center. Many analysts say that the Galaxy’s convenience function called Samsung Pay plays a big role in enabling the Galaxy to enjoy a market share bigger than that of the iPhone in Korea. ![]() Until now, Samsung Electronics' Galaxy smartphones have a 70 to 80 percent share of the Korean smartphone market, dwarfing the Apple iPhone’s share (20-30 percent). In the end, if Apple Pay succeeds, it will lead to an increase in the iPhone's market share in the Korean smartphone market. People must use an iPhone to use Apple Pay. The hottest issue is whether or not Galaxy smartphone users will switch to iPhones. ![]() Accordingly, Samsung Electronics has set up an Apple Pay response team internally and is closely monitoring Korean consumers’ responses to Apple Pay. ![]() Samsung Pay appeared in 2015, took the top spot in the Korean offline simple payment market, and is now facing its archrival. It enters Korea nine years after being introduced to the world in 2014. Apple officially launched Apple Pay in Korea on March 21. ![]()
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