Apple Inc.’s (AAPL) Mobile Payment Hits Market in United Kingdom
Apple Inc. (NASDAQ:AAPL) Pay, a mobile payment and digital wallet service, launched today in the United Kingdom with much anticipation of how the service could make electronic payments simpler and faster.
However, HSBC customers were dismayed when they found out their bank accounts were not compatible with Apple Pay despite HSBC being listed as one of eight launch partners. While no reason has been given as to why HSBC was dropped as a launch partner, company spokesman announced, “We’ll be ready later this month.”
HSBC’s 16 million customers in the UK will therefore have to wait until July to use Apple Pay. The company denied the claim that it made the decision last minute not to participate in the launch and stated that it had never planned to partake in the launch.
While HSBC did not participate in Apple Pay’s launch, several UK banks did including: NatWest, Nationwide, Royal Bank of Scotland, Ulster Bank, and Santander.
As HSBC received an onslaught of criticism on social media outlets, including Twitter, for not partaking in Apple Pay’s launch, rival bank Barclays took to Twitter to announce, “We are really excited about the launch of Apple Pay and will bring Barclays debit cards and Barclaycard credit cards to Apple Pay in future.” However, Barclays has yet to appear on Apple’s official list of partner banks so it uncertain whether a partnership will develop between the two companies.
Moving forward Apple Pay will have to move quickly to acquire more partnerships with UK banks. With the mobile payment field becoming more competitive, it will be essential for Apple Pay to enter the UK market quickly if it wants to monopolize the industry.
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