Trending News|June 08, 2015 02:38 EDT
Apple Pay Latest News: Apple Inc. Likely to Launch its Mobile Payment Service in U.K. this Summer
Roughly eight months after Apple Inc. unveiled its mobile payment service - Apple Pay, the Cupertino-based tech titan is planning to introduce it across the Atlantic into the U.K.
Quoting the Telegraph, IB Times reports that although the company is yet to make an official announcement in this regard, the British publication claimed that sources told them that the iPhone manufacturer is planning to unveil its mobile payment service's expansion on Monday during the company's 2015 Worldwide Developers Conference (WWDC) at Moscone West, San Francisco. The service will be officially launched in the U.K. two months later.
For the uninitiated, Apple Pay makes use of the near-field communication (NFC) technology integrated into its iPhone 6 and the Apple Watch to enable users to make mobile payments with their devices. Apple Pay was launched in October launch, and since then the company has been in talks with banks and retailers regarding the expansion of the mobile payment service's reach in stores as well as other countries like China and Canada.
According to the report, the infrastructure required to accept Apple Pay in the U.K. is almost in place, as majority of its "chip" card terminals already have the technology integrated to accept contactless credit card payments. On the contrary, the wireless payment technology is not as important in the United States as the use of older magnetic strip credit and debit cards is more prevalent there.
However, all this is likely to change in the ensuing months, as merchants have been served the October deadline to install credit card terminals that will support "chip" card technology. Several such terminals already have the technology needed to support Apple Pay. Apart from the expansion of Apple Pay, the mobile payment service from Apple may also introduce a number of new features, for instance a new rewards program.
9to5Mac reports that earlier it was expected that Apple would launch its rewards program during the 2014 holiday season, but it did not happen. In the United States, Apple Pay has grown from a few supporting banks to over 300 in a brief period.