One Month After Launch, Apple Pay Led to Success by the MZ Generation

80% of New Hyundai Card Members
9.3 Million Transactions in One Month
Overseas Usage Continues to Grow

The simple payment service Apple Pay, which marked its one-month anniversary since launch, is being led in popularity by the MZ generation (Millennials + Generation Z).

According to Hyundai Card on the 4th, about 355,000 new cards were issued in the one month following the launch of Apple Pay, an increase of 217,000 cards compared to the same period last year (138,000 cards). Of these, 237,000 were credit cards and 118,000 were check cards. Among new members, 91% of Apple device users signed up for Apple Pay. This means that many customers newly issued Hyundai Cards specifically to subscribe to Apple Pay. Hyundai Card currently holds exclusive supply rights for Apple Pay.

[Image source=Yonhap News]

The MZ generation accounted for 80% of new members. Those in their 20s made up the largest portion at 51%, followed by those in their 30s at 28%. People in their 40s accounted for 12%.

By the end of last month, Hyundai Card customers had made approximately 9.3 million transactions using Apple Pay, and 71% of customers had used Apple Pay at least once. The highest usage frequency was at convenience store GS25, and the highest payment amount was at Costco. Among online merchants, Baedal Minjok was the most frequently used.

The number of merchants accepting Apple Pay continues to grow steadily. Since the 25th of last month, CJ Foodville affiliates such as Tous Les Jours, VIPS, and Jeil Jemyunso, as well as SPC affiliates like Eggslut and Bizeun, have joined as Apple Pay merchants. Apple Pay is also available at Hyundai Outlet, Lotte Duty Free, Hotel Shilla, and Four Seasons Hotel.

Usage has also increased overseas where Apple Pay is accepted. Nine percent of the total payment amount was made abroad. Hyundai Card stated that this is more than four times higher than the approximately 2% overseas payment ratio of regular cards. High payment proportions were seen in ride-hailing service Uber, Starbucks, and accommodation sharing platform Airbnb, with many payments also made for charging Japanese transportation cards. Hyundai Card expects overseas use of Apple Pay to increase further from the third quarter of this year, when long-haul flights to Europe and other regions normalize. Europe has a well-established simple payment infrastructure.

A Hyundai Card representative said, “Hyundai Card customers are enjoying a convenient payment experience first through Apple Pay,” and added, “We plan to steadily increase the number of Apple Pay merchants to enhance customer payment convenience.”

This content was produced with the assistance of AI translation services.