Apple Inc. (NASDAQ:AAPL) is all set to launch its contactless mobile payments app in the U.K. markets by August 2015. Known as Apple Pay, this online payment gateway is exploring international markets and U.K. is the first one in the plan. Sources of The Telegraph confirmed the news that is anticipated to be announced by the company during the Worldwide Developers Conference (WWDC) in San Francisco today.
Apple Pay Awaited in the U.K.
Having already forayed in the U.S. markets, the U.K. entry has been delayed due to some issues with the country’s banking system as they were concerned on customer data being exposed to Apple. In U.K., the company would be working with 350,000 terminals that were pre-installed. The feature will also be available in the tap-to-pay credit cards. For launching the service in U.K., Apple has recruited Duncan Olby, who was formerly working with PayPal and Visa.
According to sources, Canada would be the next international market that would get the Apple Pay in fall 2015. Apple Pay would be a boon to the payment sector as till now many attempts have been made by mobile companies to enter the contactless payment platform but failed miserably. For Apple, it is an altogether different story and iPhone users in U.K. have been waiting for the feature to come to their country. Out of the total iPhone sales globally, 40% come from the U.K. markets alone and so the country has a strong consumer base of loyal Apple fans.
A MasterCard senior executive, Mike Cowan said that they were awaiting Apple Pay in U.K. and were going to support it. He said that a global platform made it easier to make the service available to people at the earliest.
Apple Pay Working
Apple iPhone is equipped with a wireless microchip just like in contactless credit cards. So just by waving the phone at a terminal, the Apple Pay customers can easily use the service. The only thing that users need to do is upgrade the microchip in their phone and rest is easy.
Contactless payment cards are already used by Transport for London customers and they also accept Apple Pay payments by American travelers. A biometric system approves the payments and a thumbprint scanner authenticates it.
Sources: theverge, dailymail.co.uk