Saturday, January 3, 2015

Apple in Talks with UK Banks to Launch Apple Pay

According to recent reports, The Telegraph, top banks all over UK are presently negotiating with Apple, for the launch of Apple Pay during the first half of 2015. Sources have disclosed that the major banks have called for privacy concerns over personal and financial information of users but have admitted that they are positive with regards to the impact the service has made in the United States.

The bank is not comfortable with the amount of personal and financial information of the customers, that Apple collects and some executive are apprehensive that Apple Pay and the data it delivers to Apple could serve as a cause for an invasion of the banking industry.

This information comes in after Apple had posted a job listing for Apple Pay Intern somewhere early this month which indicated that the company is striving to work hard in the expansion of its payment service across Africa, Europe, India and Middle East.

In September, Visa had also stated that it would be working with Apple to roll out Apple Pay across Europe in 2015 while e-commerce giant Alibaba has also been negotiating with Apple over a partnership which would bring about the service to China

Established Near Field Communication Technology

According to The Telegraph, Apple has hopes of launching Apple Pay in the first half of 2015 where negotiations are reported to be tricky, as at least one of Britain’s major banks has been reluctant to share too much information with Apple to launch its tap to pay service.

Apple Pay had already been launched off in the U.S., in October and had become the largest NFC based mobile payment service in the market where various competitors had already been established and in November, Apple Pay was accounted for 1% of all digital payment dollars. Apple Pay has seen adoption at various popular retailers and restaurants in the U.S. which include McDonalds, Macy’s Subway, Walgreens, Whole Foods, Nike to mention a few.

Presently Apple Pay depends on established near field communication technology and users have found that they can use the capability at some NFC terminals internationally though the tap to pay functions present in the iPhone 6 and iPhone 6 Plus operates only if the device is set up properly with American credit cards.

Compatible with Global Systems

Presently Apple Pay is limited to the U.S. though the job listings in Europe and China indicate an international rollout is in progress and Apple has not disclosed any specific launch for international availability.The fact is that Apple Pay has already been compatible with global systems indicating that the international roll out of Apple’s mobile payment service is not affected by technology or point of sale systems.

On the contrary, Apple should forge agreement with credit card issuers and banks ensuring compatibility all across the globe. Sources have accepted that no major bank would want to miss out on Apple Pay though early indications from the United States show that it may be the service to ultimately convince the consumers to pay with their mobile phones.

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