Apple Pay could launch in 2015 — if worried banks don’t stop phone-based payment service
Banks are worried about the amount of data Apple can see and whether it could lead to a financial invasion by Apple
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Britain’s banks are in talks to bring Apple’s payment service to the UK, but are worried about the amount of data that the firm will be able to access.
The technology uses a chip in the iPhone 6, and eventually the Apple Watch, to allow for contactless purchases at shops. It makes use of data from banks to facilitate the transactions, and so Apple must negotiate the terms of the agreements to let them launch the technology.
But those discussions have run into problems because the banks are wrangling over the terms of the deal, such as how much data Apple can access, according to The Telegraph.
At least one bank is uncomfortable about the amount of data that Apple will be able to see about its customers, sources told The Telegraph. Some executives are worried that if Apple gets hold of that data the technology company could launch an assault on the banking industry.
But most banks won’t want to miss out on the launch — which is likely to mark the first major implementation of near-field communication technology for payments in the UK. While companies such as Google and PayPal have tried to launch similar schemes, few have taken off — but early data from the US seems to suggest that Apple Pay is doing well among shoppers there.
Apple signed up almost all of the US’s biggest banks for the launch there. That includes some of the UK’s biggest firms, too — such as Barclaycard and American Express.
The technology was announced at the launch of the iPhone 6 in September. It launched in America soon after that, but the company has said since it was launched that it would not be available in the UK until 2015.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments