Negotiations between the tech giant and at least one bank have proved tricky because of wrangling over the terms, including what data Apple will be able to access
Britain's top banks are in talks with Apple to introduce its iPhone “wave and pay” service, Apple Pay, to the high street in the first half of 2015.
Negotiations between the Silicon Valley giant and at least one of the biggest banks have proved tricky, however, because of wrangling over the terms, including what data Apple will be able to access, according to sources.
It is understood the bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers. Some executives fear Apple Pay and the data it delivers to Apple could serve as a beachhead for an invasion of the banking industry.
Sources accepted no major bank will want to miss out on Apple Pay, however, as early signs from the United States suggest it may be the service to finally convince consumers to pay with mobile phones.
Apple Pay allows iPhone 6 users to upload their credit or debit card details to their handset and use a wireless microchip to pay at “wave and pay” terminals, verified by a thumbprint scanner. Apple takes a small fee from each transaction.
Google, PayPal, mobile networks and others have attempted similar services, with varying success. None has enjoyed the early success of Apple Pay.
According to a new report by ITG, during November, Apple Pay’s first full month operating in the US, it accounted for 1pc of all digital payments. Google Wallet, Google’s competing service, accounted for 4pc, but it has been in the market since 2011.
ITG said: “This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants.”
At McDonald’s, one of Apple’s early retail partners, Apple Pay accounted for half of all wave and pay transactions in November.
Apple has been encouraged enough to press ahead with plans to roll the system out across the world. It briefly advertised a job vacancy this month calling Apple Pay “a new and exciting area in Apple that is set to expand across Europe, Middle East, India and Africa”.
The company is also hoping Apple Pay will help sell its forthcoming range of smart watches, which will include the same wireless microchip to allow owners to pay without reaching for their phone
Britain's top banks are in talks with Apple to introduce its iPhone “wave and pay” service, Apple Pay, to the high street in the first half of 2015.
Negotiations between the Silicon Valley giant and at least one of the biggest banks have proved tricky, however, because of wrangling over the terms, including what data Apple will be able to access, according to sources.
It is understood the bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers. Some executives fear Apple Pay and the data it delivers to Apple could serve as a beachhead for an invasion of the banking industry.
Sources accepted no major bank will want to miss out on Apple Pay, however, as early signs from the United States suggest it may be the service to finally convince consumers to pay with mobile phones.
Apple Pay allows iPhone 6 users to upload their credit or debit card details to their handset and use a wireless microchip to pay at “wave and pay” terminals, verified by a thumbprint scanner. Apple takes a small fee from each transaction.
Google, PayPal, mobile networks and others have attempted similar services, with varying success. None has enjoyed the early success of Apple Pay.
According to a new report by ITG, during November, Apple Pay’s first full month operating in the US, it accounted for 1pc of all digital payments. Google Wallet, Google’s competing service, accounted for 4pc, but it has been in the market since 2011.
ITG said: “This is a strong showing considering that the service is only available to Apple customers with the newest hardware and it is currently supported by a relatively limited list of merchants.”
At McDonald’s, one of Apple’s early retail partners, Apple Pay accounted for half of all wave and pay transactions in November.
Apple has been encouraged enough to press ahead with plans to roll the system out across the world. It briefly advertised a job vacancy this month calling Apple Pay “a new and exciting area in Apple that is set to expand across Europe, Middle East, India and Africa”.
The company is also hoping Apple Pay will help sell its forthcoming range of smart watches, which will include the same wireless microchip to allow owners to pay without reaching for their phone
No comments:
Post a Comment