Apple is currently in talks with major UK banks to launch Apple Pay in the first half of 2015. According to a report in The Telegraph, discussions with at least one bank have proven to be tricky due to the debate over just what customer data Apple will be able to access.
The service by Apple enables consumers to save their credit and debit cards to their supported mobile device, which can then be used at "wave and pay" terminals. After verification is successful via a thumbprint scan, the transaction is completed momentarily.
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.
Source: The Telegraph