Apple Pay

Apple Pay is going international starting with the United Kingdom next month. The precise nature of how Apple Pay will work in the UK has been murky, with banks saying different things. Apple has now posted a FAQ to explain the situation.

Apple Pay will work with any current contactless reader. By default, it uses the same technology as other UK contactless cards. This means that performing an Apple Pay purchase will not require a PIN (as is standard with UK Chip and PIN payments). However, the usual £20 limit on contactless transactions does apply … for the time being. When Apple Pay launches in July, almost all merchants will only allow Apple Pay purchases up to £20 …

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I first speculated that Apple might one day become a bank almost a year before the launch of Apple Pay. What triggered that thought was the use of Touch ID for iTunes purchases and the depth of security involved in the secure enclave used by Apple’s fingerprint system. It was clear even then that Apple had big ambitions in the mobile payment field.

Now that Apple Pay has launched, and already proven a big success, I think the argument for Apple to make the move are even stronger. So here are seven reasons I think Apple may become a bank within the next five years … 
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Apple Pay is going international for the first time next month with its expansion into the UK, but for now Apple is steadily turning on support through more partnered banks and credit unions across the United States. The latest addition includes more than two dozen institutions now supporting Apple’s iPhone-, iPad-, and Apple Watch-based mobile payment service. Here are the latest banks joining Apple’s list as well as the full list of Apple Pay banks to date:
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With Apple’s new Wallet app in iOS 9, a revamped version of the old Passbook app with a name that better reflects Apple Pay integration, Apple will let marketers send out dynamic offers triggered by location or a user’s interests through iAd. Apple noted the feature on its blog for advertisers explaining that “marketers can reach loyal customers with specific messages that reflect the customers’ interests, or convert a new customer by presenting a reason to try something new.”
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Apple earlier this week announced a handful of retailers that will be the first to offer loyalty card support through Apple Pay, but there’s one company planned for the initial launch that it didn’t mention: Whole Foods. Expect the roll out of other rewards cards to be slow, however, as NFC terminals work to enable support with retailers…
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Verifone will be among the first to enable its NFC terminals to support Apple Pay’s upcoming support for customer loyalty cards, the company announced today.

As part of its WWDC announcements on Monday, Apple said that it would soon enable loyalty cards in Apple Pay as it renames the iOS Passbook app “Wallet” to better reflect the addition of payment services since its launch. But before that happens, payment terminal manufacturers will have to flip the switch on support for loyalty cards through their NFC terminals. One of the first companies to do that will be Verifone, one of the leaders in making NFC terminals.

The company announced today that it will enable support for loyalty cards on its MX 915 and MX 925 terminals, allowing six national and global retailers to start accepting loyalty transitions and redeeming rewards through Apple Pay.
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UK bank Barclays is the only major holdout from the launch of Apple Pay in the UK. From next month, users with iPhone 6, iPhone 6 Plus or Apple Watch in the United Kingdom will be able to use the NFC mobile payments chip inside their iPhone to use Apple Pay.

Apple announced yesterday a whole swathe of partners, including Santander, HSBC and Lloyds. The notable omission from the ‘big four’ British banks is Barclays. Barclays’ Twitter support has come under fire in the aftermath from customers and has issued the following statement, which shows that all hope is not lost for Apple Pay for iPhone users who bank with Barclays.

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As we’ve reported in the weeks leading up to Apple’s event today, the company has just officially unveiled its international expansion plans for the Apple Pay payments service it first launched in the US last October.

The first country outside of the US to get access to Apple Pay is the UK starting in July. The company plans to support around 70% of cardholders at launch next month. Here are the banks that will support Apple Pay in the country starting with the 8 big banks next month and the rest by the fall:
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It’s Monday, June 8th and nearly time for Apple’s annual Worldwide Developers Conference. We’ve already run down what we’re expecting from the conference, ranging from a significant iOS 9 update for iPads, iPhones, and iPod touches with a focus on quality, an upgraded version of OS X with the same core focus, the new Apple Music streaming service along with the new iTunes Radio, and the native software development kit (SDK) for the Apple Watch. We’ll be following the news closely from before the keynote, during the event, and after the event, and we’ll be live updating this post with the latest information out of the WWDC Keynote.

You can find our live updates and analysis below, as we get closer to show time.

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Apple is planning to announce support for Apple Pay in the United Kingdom during its Monday Worldwide Developers Conference kickoff keynote, according to a report from The Telegraph. The report adds that the service will go live in the U.K. within two months. Mike Cowan, a Senior VP at MasterCard, told the publication that his company is “absolutely” ready to support Apple Pay abroad. We have heard this as well, including that major bank Lloyds is a planned launch partner. We have also received a tip claiming that Santander UK is gearing up for new mobile payments training in the coming weeks. The U.K. will likely mark the first international expansion of Apple Pay since its launch in the United States last fall…

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Apple has invested a lot into its Apple Pay mobile payments solution since its launch last fall. Since launching in October, the payment method is already accepted at more than 700,000 retail locations, according to the company. Reuters today has published a new report in which Apple says that Apple Pay will be accepted by half of the top 100 merchants in the United States by the end of this year, with more planned in 2016. Currently, a fourth of the top 100 retailers support Apple Pay.

According to a retailer that Reuters contacted, Apple has been pushing its mobile payment service aggressively to retailers. The retailer, which remained anonymous and has no plans to accept Apple Pay, said this:

“They have been pushing hard and it’s been that way for months. They have called and tried to persuade us even after we communicated our decision to them.”

That same retailer has no plans to accept Apple Pay because not even a “small percentage” of its customers have requested it. Nevertheless, the research found that retailers accepting Apple Pay are generally happy with the service, and its customers are too…

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With Apple steadily rolling out its mobile payment service across the United States, support for Apple Pay has now gone live from these new banks and credit unions:
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Google just wrapped up the opening keynote for its I/O developer conference taking place this week, and not surprisingly many of the announced products and services are direct competitors to Apple’s. Android Pay gets an official coming out party to compete with Apple Pay, Project Brillo is Google’s answer to HomeKit, and the new Android M gets a focus on quality, much like what Apple has in store for iOS 9 at WWDC in June. The company also announced a new Photos app with unlimited photo and video syncing and iOS support, as well as a number of other iOS app announcements.

Head below for a roundup of everything Google announced today from 9to5Google:
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According to a new report from The New York Times, Apple will, as expected, announce new details and enhancements for Apple Pay at WWDC next month. The report, citing two people briefed on the product, claims that Apple plans to add a rewards program to Apple Pay.

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Some of iOS 9‘s more important planned enhancements include split-screen apps on iPads, a new Home app for controlling HomeKit accessories, a new system-wide UI font, a mass transit directions service for the Maps app, and major quality, performance, and security enhancements. However, multiple sources note that there will also be some smaller, but still important, tweaks to the operating system. We spotlight some of these expected changes below…

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During his trip last week across China, Apple CEO Tim Cook held a meeting at Apple’s China headquarters with several employees in attendance, according to sources with knowledge of the briefing. Cook reportedly reiterated several recent China-focused announcements, including the new forest-focused environmental initiatives and improvements for education, but he also mentioned some new tidbits regarding the upcoming retail launch for the Apple Watch and the rollout of Apple Pay for China…

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Apple Pay on <a href="http://9to5mac.com/2015/05/18/apple-watch-review-video/" target="_blank">Apple Watch</a>

A number of additional banks and credit unions across the United States have now turned on support for Apple Pay including Synchrony Bank which backs Walmart and other retail credit cards, NASA Federal Credit Union, and many more. Earlier this month, Apple Pay went live for the popular mobile-based Simple Bank for the first time. You can find the full list of new and existing banks with support for Apple’s mobile payment service below:
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