Apple Pay Data Collection a Big Concern for Some UK Banks

Apple is negotiating with UK banks to bring Apple Pay to iPhone 6 and iPhone 6 Plus owners in the country in the first half of 2015. At least one bank, however, is concerned about how much data Apple will collect and fears the company may be trying to take over the country's banking industry.

UK Banks negotiating to bring Apple Pay to the country in 2015UK Banks negotiating to bring Apple Pay to the country in 2015

Apple Pay is the wireless credit card payment system Apple introduced with its latest iPhone models in 2014. The system uses NFC technology to wirelessly process payment transactions at retailers and restaurants, and offers a more secure way of processing payments compared to traditional magnetic stripe readers.

There isn't any word on exactly which UK banks are concerned about Apple's move into their territory, according to The Telegraph. That said, the immediate success Apple Pay has seen in the United States will likely be the incentive British banks need to overcome their dat collection concerns.

The number of U.S. banks supporting Apple Pay is growing, as is the number of retailers. Most recently, Disney World came on board with Apple Pay support on Christmas Eve and plans to expand support to Disneyland in the coming months.