According to an article posted at the Telegraph, britains top banks are in negotiations to bring Apple pay to the uk in the first part of 2015.
The article mentions :
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.
Clearly they haven’t heard of the CurrectC product where in order to use the system fully you’re forced to hand over your social security number, national insurance for us in the UK, and details of your driving licence. These are held on the CurrectC servers which were hacked back in September.
To quote the telegraph’s article that’s starting to sound like “I don’t get this no dokickey gadget so if I don’t get it I don’t like it..”
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.
An invasion of the banking industry. Fortify the beaches, get the pitchforks out and fend off that crazy secure payment system that doesn’t hold any information other than your card details in a secure enclave. We MUST protect those bankers bonuses at all costs!!
Apple Pay’s first full month operating in the US, it accounted for 1pc of all digital payments
Well looky here Hershall, we got one of them thar competitive and working products that would give the banks more transactions. I’m sensing here the banks want the millions of smaller transactions that would happen but don’t want to loose that slice they take from every transaction.
I mean how is any financial institution going to survive when it can take up to 64p from a debit card transaction and up to 2.46% of a credit card payment from a business.
Just to recap. ApplePay = 1% of all digital payments after a month. After 4 years Google Wallet accounted for 4%. Google Wallet was outed way back in 2011
At McDonald’s, one of Apple’s early retail partners, Apple Pay accounted for half of all wave and pay transactions in November.
And I bet thats the worry for banks. You see the more transactions a company puts through the less rates they pay. If digital payments went up by 5% that’s going to trigger a lot of new, lower fee levels for a lot of businesses.
Chevron and Disneyland, have moved to accept money through the system with Apple taking 0.15 per cent of the transaction.
Now I wonder. What would happen if Apple charged customers to use Apple Pay in the UK and pass that over to the banks. You could guarantee the banks wouldn’t have any issues with that.
Finally lest we forget the banks own payment systems that really haven’t gone anywhere. Paym a UK mobile payment system provided by banks and building societies, with recipients identified by their mobile number.
Source: The Telegraph UK