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UK banks desperate for Apple to expand ‘wave and pay’ service

Apple pay

Other than Apple’s much awaited Watch, Apple Pay is another tool that’s hinting at successful expansion of the company. After talks with Alibaba, China’s biggest e-payment platform, now major banks of UK are in talks with Apple to introduce its iPhone “wave and pay service. These banks are emphasizing Apple to launch its service in the first half of 2015.

As per the source, no major bank would like to miss out Apple Pay at any cost. At most, the banks are concerned over the security of information they’ll be sharing with the service. However, Apple Pay has, so far, impressed e-commerce transactions for it allows iPhone 6 users to upload their credit or debit card details to their handset and sue a wireless microchip to pay at “ wave and pay’ terminals, which are verified through thumbprint scanner.

A report by ITB, Apple’s digital payment share amounted to 1 percent after Apple pay completed first full month of operation in US. You might find it less that that Google Wallet at 4 percent, but the fact that this comparison would show that Google is established since 2011, while Apple Pay is just one month old. Still, it has grabbed 1 percent of all the digital transactions made.

According to ITG, “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.”

The plans for the expansion of Apple Pay service surfaced when the company enlisted 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”

Not only expansion, but a noteworthy aspiration of Apple involves boosting the sale of its next product – wearable smartwatch, which will include the same wireless microchip to allow owners to pay without using phone.

Via: 9to5mac