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Top banks across UK negotiating launch of Apple Pay in 2015

Top banks across UK negotiating launch of Apple Pay in 2015

LONDON: Top banks across the UK are currently negotiating with Apple Inc to launch Apple Pay in UK during the first half of 2015. The source close to matter told that banks have issues over privacy concerns, the financial and personal information of users, but they are quite positive about the impact the service had in U.S.

The main issue about which banks are reluctant to make a deal is the amount of personal and financial information, which Apple Inc. (AAPL) wants to collect about its customers. Some top executives at this point fear about Apple Pay and the data it delivers to Apple (AAPL) could provide as a beachhead for an invasion of the banking industry.

According to the familiar people to the matter, sources accepted that no major bank will want to miss out the opportunity of Apple Pay, but in the long run, the early signs of United States suggests that it may be the service to finally convince customers to pay with mobile phones.

When in October Apple Pay launched, it has seen impressive early adoption numbers, according to the figures of ITG, Apple Pay service accounted for 1 percent of all digital payments in month of November. The popular retailers across United States, which includes McDonalds, Macy’s, Walgreens, Subway, Whole Foods and many more have also quick in using the service.