Apple Pay is coming to the UK in 2015, but banks are wary

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After the US launch earlier this year, Apple is said to be in negotiations with UK banks over the introduction of Apple Pay in early 2015, but at least one bank is worried about the personal and financial information, while others fear it is the start of Apple's invasion into banking services.

The major banks are unlikely to pass on Apple Pay, since the payment system accounted for 1% of all digital payments in the US during its first month, and McDonald’s, one of Apple's early retail partners, reported that Apple Pay accounted for half of all wave and pay transactions in November.

Even with all the hype that Apple Pay brings, the negotiations between the major banks and Apple are proving to be quite tricky considering the banks' unhappiness with some of Apple's terms.

At least one bank is uncomfortable with the amount of personal and financial information that will be collected by the service, while others fear Apple Pay is the start of Apple's invasion into banking services, which would mean the banks may have to compete with Apple in the near future.

Undeterred by the tricky negotiations and proud of its payment system, Apple is pushing ahead and is planning a worldwide rollout, calling Apple Pay "a new and exciting area" for the company.

Source: Telegraph

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