Eight years after the launch of Apple's payment service Apple Pay, it officially launched in South Korea today.

CTOnews.com, March 21 (Xinhua)-- Apple officially launched its Apple Pay payment service in South Korea today, allowing iPhone and Apple Watch users in the country to make contactless payments using Apple's payment system.

Apple has been promoting the launch of Apple Pay services in South Korea since 2017, but it did not get approval from financial regulators until February because of intense scrutiny by regulators.

CTOnews.com learned from the The Korea Times report that NFC terminals in South Korean retail stores have increased significantly in the past six years, but the adoption rate is still very low, which is a "major challenge" for Apple to promote Apple Pay services in South Korea.

Another thing worth noting is that Apple's Apple Pay in South Korea is limited to Hyundai Card users, and no other banks have joined the Apple Pay.