Apple’s executives meet with South Korean financial authorities, a move that can be viewed as the company testing the waters before fully reviewing a potential launch here, according to familiar sources cited by local media.
The American tech giant could not introduce its payment platform to South Korean because local authorities do not approve fingerprint scanning and credit card data to be used to identify the paying customers.
So Apple came up to present a new identification system, hoping that will receive approval with the local regulators. The process is called “Tokenization”, which Samsung Pay also uses, and it replaces sensitive data, such as credit card or fingerprint information, with unique identification symbols.
Also, Apple must find partners among the local financial institutions so they can implement their Apple Pay services. Another meeting, between the Apple’s official and the local authorities, is to take place in the near future, which might the decisive moment for Apple.