Apple Planning To Launch Apple Pay In UK Next Year

Apple is "working hard" to launch Apple Pay in Europe during the first half of 2015. Top banks across the UK are currently negotiating with the Apple to launch the service.

Citing sources close to the matter, a report by Telegraph said major banks have cited privacy concerns regarding Apple Pay but admit that they are positive about it because of its impact in the United States.

"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," the report said.

"Sources accepted no major bank will want to miss out on Apple Pay, however, as early signs from the United States suggest it may be the service to finally convince consumers to pay with mobile phones."

The report follows a job listing by Apple for an "Apple Pay Intern" earlier this month, revealing plans of expanding the service across Europe. Visa also said in September that it is in talks with Apple to roll out Apple Pay across Europe in 2015.

Companies like Google, PayPal have launched similar product but Apple is the first to gain early success. Apple Pay was launched this year in October and according to ITG, the service has accounted for 1 percent of all digital payment dollars in November. Number of popular and retailers and restaurants across United States, such as McDonalds, Nike, Subway have adopted Apple Pay as their payment method.