Apple Pay coming to Korea as part of 'K-New Deal', says rumor

It is reportedly one part of a plan to invest $133 billion in the country's digital and green sectors.

What you need to know

• South Korea recently announced a 'K-New Deal'.
• The country plans to invest $133 billion in the digital and green sectors, creating 1.9 million jobs by 2025.
• A new rumor claims part of this plan includes bringing Apple Pay to the country.

A new rumor claims that a recently-announced 'K-New Deal' will bring Apple Pay to the country so that users can purchase goods using devices like the iPhone 12.

The rumor comes from Twitter leaker Tron, who posted a thread detailing information reportedly pertaining to the plans.

Apple Pay, in consultation on part of the "K-New Deal" business' NFC Payment Platform Strategy in Korea

Background: Apple Pay has not launched in Korea, yet. A lot of iPhone users in Korea are eagerly waiting for the platform launch to replace Samsung Pay.

Details below
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— Tron ❂ #GalaxyUnpacked (@FrontTron) July 19, 2021

Tron states "Apple Pay, in consultation on part of the "K-New Deal" business' NFC Payment Platform Strategy in Korea." According to Tron the 'K-New Deal' includes a project for a new NFC payment strategy set to begin in August. Tron says the new pay-related service doesn't simply cover commission (a big sticking point in previous efforts to adopt the tech), stating "the ultimate goal is to provide a new platform experience to MZ generation customers." Tron says that "among those plans, Apple Pay was also mentioned again."

Apple and the Korean government have tried to reach an agreement on Apple Pay previously, but as reported last year parties seem far apart on the matter. From The Korea Times:

Apple's high-handed attitude toward Korean credit card issuers has been leading to a reduced likelihood of Apple Pay's launch here, as card firms have declined to accept the U.S. tech giant's unreasonable demands, industry sources said Wednesday.

According to the sources, some domestic card firms recently stopped negotiating with Apple for the launch of the U.S. firm's mobile payment and digital wallet service.

Discussions have been ongoing since 2015 but have reportedly failed because of Apple's demands for transaction fees, which were apparently higher than those in other countries.

Last week South Korea unveiled its plan to invest $133 billion in the country's green and digital sectors, creating nearly 2 million jobs. President Moon Jae-in described the move as a 'K-New Deal' that would herald a "new century" in the country that would see Korea "move ahead as a leading country riding the wave in the world history."