At least one of the UK’s largest banks is reportedly delaying negotiations to launch Apple Pay over concerns regarding data collection.
According to The Telegraph, "at least one" of the UK’s leading banks is “uncomfortable with the amount of personal and financial information Apple wants to collect about its customers." Apple, however, is adamant that it is doing nothing untoward.
Apple exec Eddy Cue said, when announcing the service, that Apple is not “in the business of collecting your data.” He said, “When you go to a physical business and use Apple Pay, Apple doesn’t know what you bought, where you bought it, or how much you paid for it. The transaction is between you, the merchant, and your bank."
Other reports suggest that there could be other reasons why UK banks are less enthusiastic about Apple Pay. One noted that some banking executives believe that Apple Pay could act as a launch pad for Apple to enter the banking industry.
The UK could prove to be a vital market for the European success of Apple Pay. The market is quite advanced when it comes to new payment types and would be looked to as an example for many other European countries. If Apple Pay can’t take hold in the UK, it could lead to delays elsewhere.