Tech stocks boosted by Apple Pay's arrival

• Published date: 22 February 2023
• Publication title: The Korea Times

Shares of electronic payment and wireless communication service operators surged Monday on growing hopes for the launch of Apple Pay in Korea.

According to data from the Korea Exchange, KG Mobilians' share price soared by more than 20 percent soon after the opening of the stock market here. The company operates wired and wireless payment services. Its share price surged by as high as 22 percent at one time on Monday morning before closing with a gain of 13.24 percent. The firm's stock price has extended gains for three consecutive trading days since Feb. 2.

The rally came in reaction to the Financial Services Commission's latest decision to approve Apple to start its mobile payment service in Korea with local credit card firms.

Other stocks related to card payment terminals also enjoyed unexpected stock surges following the report. Shares of Korea Information and Communications Co. (KICC) increased more than 12 percent shortly after trading started on the same day. The company offers a diverse set of payment solutions for credit card firms and other payment-related service providers.

Apple Pay's much-anticipated arrival in the Korean stock market comes as a major challenge to Samsung Electronics which has by default dominated the mobile payment market here with Samsung Pay.

Apple Pay debuted overseas in September 2014, but failed to make inroads into the Korean market due to the nation's weak infrastructure for near-field communication (NFC) terminals. Most...