New report claims Apple is currently in talks with major UK banks over implementation of its digital mobile payment service Apple Pay and if everything goes as planned, the Cupertino might begin rolling out the service within the first half of next year.
According to a report from The Telegraph, citing unnamed sources, Apple is in negotiation talks with some of UK’s top banks to debut its mobile payments service in the coming months. Apple’s wireless credit card payment system ‘Apple Pay’ uses NFC technology to enable users make credit cards transaction through their smartphone.
The report revealed that British banks are having issues as regarding to Apple Pay’s terms and accessibility concerns. One UK bank in particular is feeling uncomfortable about the level of both personal and financial information that Apple will be able to access about its customers and is fearing of an “invasion” of the banking industry.
“It is understood the bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers,” The Telegraph notes.
“Some executives fear Apple Pay and the data it delivers to Apple could serve as a beachhead for an invasion of the banking industry.”
It is expected that despite the security issue, all the major banking groups would agree to sign up to the service, after witnessing ‘Apple Pay’s impressive uptake in the US. As of December, Apple Pay supports almost 90 percent of US credit card payments by volume.
The news follows a recent job listing posted by Apple for an “Apple Pay Intern” for the UK arm of the service. The job posting revealed that the company is “working hard” to expand its payment service across Europe, the Middle East, India, and Africa.
