Apple Inc. (NASDAQ:AAPL) to Launch Apple Pay in The UK

0
758

Apple Inc. (NASDAQ:AAPL) is planning to launch its Apple Pay service in the UK, making it the first destination for the digital wallet outside the confines of the United States.

The company plans to launch the service over 250 000 retail locations throughout Britain. The service will allow users to make payments using a wireless and cardless system. They will be able to pay for products or services using Apple devices such as the Apple Watch, iPhones or even iPads. Apple’s CEO Tim Cook claims that expanding the services will in turn allow the company to expand its digital footprint and thus creating more value for the firm.

The company has been facing some serious competition in the U.S. market, mainly from the likes of Paypal Holdings Inc (NASDAQ:PYPLV) and Google Inc (NASDAQ:GOOGL) among others. Apple users in the UK will now benefit from the cashless system when making simple purchases such as coffee, fuel, food, or even shopping. The company has partnered up with various service providers such as petrol stations, restaurants, convenient stores and others to introduce the easy method of payment.

Eden Zoller, an analyst at Ovum, described the UK as an ideal market for Apple because the country has embraced contactless card terminals more than the US. This means Apple Pay has a high probability of success in the region. The service was launched in the US in October. It uses short range signals known as near field communication (NFC). This technology allows mobile devices that are NFC-enabled to interact with payment readers such as cash registers. It does not function like the contactless cards that are simply waved to make a payment. Users have to click on to various devices to make a successful payment.

Apple Pay will also support American Express debit and credit card, MasterCard, and Visa Europe cards. It will, however, be tough for the company to make an impact in Europe because most people will probably not be comfortable with leaving their cards for mobile payments.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.