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Britain's Top Banks are Leerily Negotiating for Apple Pay Service

The UK's Guardian is reporting that Britain's top banks are in talks with Apple to introduce its iPhone "wave and pay" service, Apple Pay, to Main Street in the first half of 2015. The interesting aspect of this story is that the banks are uncomfortable with Apple's quest for information on clients.


The Guardian reports that "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 further noted that negotiations between the Silicon Valley giant and at least one of the biggest banks have proved tricky, however, because of wrangling over the terms, including what data Apple will be able to access, according to sources.


Apple's published privacy policy delivered by Tim Cook earlier this year states that "When we do ask to use your data, it's to provide you with a better user experience. We're publishing this website to explain how we handle your personal information, what we do and don't collect, and why."


It would be interesting to know exactly what financial information that Apple wants to have on its customers. If it's a worry to the banks, then it may be a worry to us if we knew the facts. For now, we're left in the dark as to whether the concerns that the banks are expressing are real or if the banks have another agenda for making this point so public.


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