Britain’s top banks in talks to bring Apple Pay to the UK

“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,” Christopher Williams reports for The Telegraph.

“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,” Williams reports. “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.”

Williams reports, “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.”

Read more in the full article here.

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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7 Comments

  1. “the bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers”

    It is my understanding that Apple retains none of the information it uses to register a credit card and does not get any information at the time of a purchase.

  2. Isn’t it one of the most desirable features of Apple Pay, that it doesn’t collect a lot of data from shopper or merchant ? I may be misinformed but it seems to be a bit alarmist to fret about data collection. It might be that the Telegraph is just trying to stir up some FUD. Do bankers scare that easily ? Is Apple is trying to get into the banking business ?

    1. FUD it is. The original artical has attracted the pitchfork crowd. One poor soul is trying to educated them. Here is his explanation:

      “The only time Apple speaks to the bank is whilst adding a new card to Passbook. When you add a card into Passbook, it sends your details (name/address/card number) to Apple, which verifies that is correct and you are the owner of the card with the bank (they talk). Once verified, the bank generates a device account number, which is sent to the phone and stored in Passbook. The card number is completely removed from the iPhone.

      Each time you go to pay, the device account number is sent to the terminal, the first number of that account number defined which payment network the card is with (3 is amex, 4 is visa, 5 is mastercard). The terminal (not the iPhone) sends the account number just like any other card to the network, which then forwards it to the correct bank. The bank authorises the transaction, sends it all the way back to the terminal, which says Success and thats the end of the transaction.”

  3. But this is consistent…
    “the bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers” – e.g close to zero
    This is the same reason some retailers in the US tried to resist it.

  4. Only Apple, in concert with a partner like Verizon, Cingular, or Sprint, has everything in place to make “The Device” a reality today… Running Mac OS X or a mobile variant, it would allow the user to communicate via text, audio, and video. It would snap digital photos and organize them, do email, and browse the web. It would sync automatically with your desktop or portable Mac… It would absorb the iPod by playing AAC / MP3 audio and interface with iTunes, but it would also play feature-length MPEG-4 movies, too, in full color… McDonald’s Drive Thru’s would accept payments via Bluetooth from “The Device.” And, of course, it would have the basics like any PDA; your date book, to do list, calculator, etc… I’ll tell you one thing, if Apple can produce it, they’ll really change everything this time, and they’ll never be able to make enough. Nearly everyone would have an Apple device in their pocket…SteveJack, MacDailyNews, December 10, 2002

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