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| (Photo=Apple Pay Homepage) |
[Alphabiz=(Chicago) Reporter Kim Jisun] Hyundai Card Vice Chairman Chung Tae-young posted a post on personal social media that seemed to imply Apple Pay, drawing keen attention from the financial sector.
Payment payment experts predict that the introduction of Apple Pay in Korea will be difficult to achieve in a short period of time due to EMV (EuroPay, MasterCard, Visa Card) security issues and the supply of short-range wireless communication technology (NFC) terminals.
It was also diagnosed that even if it crosses the barriers of the authorities, it is virtually impossible to establish the Korean payment settlement market.
Hyundai Card's internal regulations related to Samsung Pay mean that customers' personal information is provided to overseas trustees (Apple and EMV) when paying with app cards through Apple Pay.
This is because not only are there many account information of payers that need to be provided to request tokens to the EMV network when paying for offline terminals, but also the security and stability of the EMV itself are evaluated at a low level.
When making offline payments through Apple Pay, the payment account information of the payer must be submitted to the overseas EMV network.
A payment expert A said, "When paying for an offline NFC terminal through EMV, we need to go through a 'De-tokenization' process that decrypts encrypted tokens during the personal information verification process."
In other words, credit cards issued in Korea are used in Korea, and in order to use Apple Pay, all transactions, including personal information, must be leaked overseas.
Financial authorities can accept the current EMV payment method as it is, but in this case, there are security concerns when paying offline terminals through Apple Pay.
If the Financial Services Commission accepts Apple Pay unconditionally regardless of security and stability, the problem is that it is difficult for authorities to intervene in financial security accidents occurring abroad.
This is because not only are there many account information of payers that need to be provided to request tokens to the EMV network when paying for offline terminals, but also the security and stability of the EMV itself are evaluated at a low level.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
