Why does Apple Pay not work in Korea?

To enable the acceptance of Apple Pay in stores, merchants must equip themselves with near-field communication (NFC) readers. These readers facilitate the wireless exchange of information between the customer's device and the payment terminal, making mobile payments possible.

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Despite the convenience and increasing popularity of mobile payment options like Apple Pay, the adoption rate of NFC readers in Korean stores remains relatively low. Only approximately one in ten stores in the country currently has the necessary technology to accept these types of payments.

The limited availability of NFC readers can be attributed to various factors, including installation costs. The average cost of installing an NFC reader in a Korean store is estimated to be around 200,000 won per terminal, which can be a significant investment for smaller businesses.

MST devices represent a versatile technology that functions as the same terminals utilized for traditional physical credit card payments. They provide a seamless integration with existing payment systems, allowing for a smooth transition towards more modern payment methods.