According to a Forrester research, 27% of UK consumers with iPhones would trust Apple to provide a mobile digital wallet. But 43% trust PayPal and 40% banks with credit card networks (40%) and Amazon (32%) are also more trusted.
Apple Pay allows users of Apples iPhone 6 and iPhone 6 Plus to make payments, by scanning their iPhones over contactless readers. The service was launched to iPhone users in the US in November 2014. In its first month of availability, the technology was responsible for 1% of digital payments in the US. By comparison, Google Wallet, which was launched in 2011, accounted for 4% of payments in its first month, according to the ITG Mobile Payments report.
According to research by the Economist Intelligence Unit (EIU), banks are more worried about technology companies than the threat from challenger banks. The EIU report revealed that 36% of banks think technology companies are the main threat. A total of 21% said non-financial services firms, such as retailers, were the biggest threat; 13% said new banks represented the biggest threat; and 12% pointed to payment specialists such as PayPal.
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