Apple Pay reportedly set for summer launch

Reports have surfaced this weekend claiming that Apple is set to introduce its mobile payment system, Apple Pay, to Britain this summer.

The Telegraph, citing industry sources, said Apple is expected to make an announcement in San Francisco at its annual conference for developers confirming the launch.

It quoted the sources as saying the company had been in talks with banks and retailers about the project since last year.

The iPhone already contains a wireless microchip similar to those found in contactless payment cards like Oyster, which will allow Apple Pay users to pay by waving the handset over a terminal to pay.

And Transport for London is already accepting Apple Pay from American tourists. As such it appears that it’s only a matter of time before Londoner’s are using their apple devices to pay for travel.

In the United States, where Apple Pay was introduced in October, the company has been aggressively courting retailers but many merchants remain skeptical about the payment service.