Tim Cook meets with UK finance chief to discuss Apple Pay

Posted:
in General Discussion edited November 2015
During a recent visit to the UK, Apple CEO Tim Cook sat down to discuss Apple Pay with Chancellor of the Exchequer George Osborne, suggesting the budding payments service could get a government-sponsored boost in streamlining adoption.


UK Chancellor of the Exchequer George Osborne. | Source: Bloomberg


While details of the talk are unknown, Bloomberg reports Apple Pay was discussed at length during the Tuesday meeting, with Osborne later emphasizing the UK's ambitions to lead the world in financial technology. Britain's finance chief mentioned his talk with Cook at the Bank of England's Open Forum on Wednesday.

"I was thinking how extraordinary it was that you had a finance minister and the head of a tech company talking about the future of banking," Osborne said. "I want the U.K. to be the global center of fintech. We will go out of our way to make that happen."

As part of that thrust forward, Osborne said the UK is open to creating a fertile growth environment free of stifling regulation. Slow-moving financial policy is oftentimes a barrier to adoption as governments try to keep pace with the more fluid world of emerging financial technologies, a sector gaining momentum thanks to broad consumer initiatives like Apple Pay. He went on to say digital currencies are a focus for the UK, as they could one day soon be of great importance to the country's financial future.

Apple Pay launched in the UK three months ago with initial support from eight card-issuing banks and more than 250,000 retail outlets. More institutions are jumping on board, though major bank UK Barclays is not expected to support the protocol until 2016. In August, the UK Cards Association increased the cap on contactless payments, a change that enabled Apple Pay users to spend up to 30 pounds per transaction without entering a PIN or passcode.

Cook was in the UK to tout Apple's new iPad Pro, which he says is powerful enough to be a laptop replacement. The Apple chief also traveled to Ireland on Wednesday, where he announced the addition of 1,000 jobs to the company's international headquarters in Cork.

The visit comes as the European Commission investigates Apple's Irish tax practices, which the group alleges are in breach of European Union law. Findings were initially expected in June, but that date has since been pushed back to sometime after Christmas.

Comments

  • Reply 1 of 17

    Somehow, I am guessing that Apple's tax base in Ireland must have been a far bigger topic of conversation....;)

  • Reply 2 of 17
    sflocalsflocal Posts: 4,249member
    Why are unflattering photographs used? I don't get it. AI uses a photograph of the chancellor that makes him look like he belongs in Special-Ed. It's like that with most news outlets. AI is certainly (and typical) but I'm curious as to the reasoning behind it.
  • Reply 3 of 17
    crowleycrowley Posts: 5,541member
    Quote:
    Originally Posted by sflocal View Post



    Why are unflattering photographs used? I don't get it. AI uses a photograph of the chancellor that makes him look like he belongs in Special-Ed. It's like that with most news outlets. AI is certainly (and typical) but I'm curious as to the reasoning behind it.

    In fairness, there aren't many photos of Gideon Osborne that don't make him look either vampiric or moronic.  Some would say that's because he's both.

  • Reply 4 of 17
    Quote:

    Originally Posted by AppleInsider View Post



    The UK is open to creating a fertile growth environment [for financial services] free of stifling regulation.

    And we all know what happened last time the UK had this..... 

  • Reply 5 of 17
    rob53rob53 Posts: 1,919member

    I hope Mr. Cook emphasized the fact that total security, including end-to-end encryption without backdoors, is critical to the success of any mobile payment product. Somehow I don't think Osborne or the UK cares or understands especially when they still would require a pin or passcode for all purchases over £30, a ridiculously low amount. If they allow the use of my fingerprint instead of the PIN, then I'll think about retracting my last statement. 

  • Reply 6 of 17
    sflocalsflocal Posts: 4,249member
    Quote:
    Originally Posted by Crowley View Post

     

    In fairness, there aren't many photos of Gideon Osborne that don't make him look either vampiric or moronic.  Some would say that's because he's both.




    Nonsense.  In 5 seconds I googled "chancellor george osborne pics" and got countless pics of him in a more professional setting.



  • Reply 7 of 17
    I'm sure he would never suggest that perhaps a copy of every transaction should be forwarded to GCHQ. Particularly every person-to-person payment. Don't want to track what kids are doing, so any transaction over 50p will be fine.
  • Reply 8 of 17
    Please stop posting photos of George Osbourne. The man is evil and the last thing I want to see is his face when I wake up in the morning.
  • Reply 9 of 17
    crowleycrowley Posts: 5,541member
    Quote:
    Originally Posted by sflocal View Post

     



    Nonsense.  In 5 seconds I googled "chancellor george osborne pics" and got countless pics of him in a more professional setting.


    I'd be more embarrassed of having "George Osborne" in my Google Image Search history than any number of depraved pornographic acts, so I'll take your word for it.

     

    In any case, he's an economically illiterate twit, and I find him astoundingly unattractive, personally, professionally and physically.  If others are going to criticise Tim Cook for his championing of civil rights and emotion affairs then I'm going to bash him for the company he keeps. 

  • Reply 10 of 17
    chiachia Posts: 683member
    rob53 wrote: »
    I hope Mr. Cook emphasized the fact that total security, including end-to-end encryption without backdoors, is critical to the success of any mobile payment product. Somehow I don't think Osborne or the UK cares or understands especially when they still would require a pin or passcode for all purchases over £30, a ridiculously low amount. If they allow the use of my fingerprint instead of the PIN, then I'll think about retracting my last statement. 

    Apple Pay transactions greater than £30 don't require PIN or Passcode at the retailers and card processors who have done the required upgrades to their systems, Pret a Manger being one of them.
  • Reply 11 of 17
    MacProMacPro Posts: 17,597member
    sflocal wrote: »

    With no axe to grind on this guy either way, I agree with you. Deeper intent of so called journalists, from any persuasion, is often easily gleaned by the photos of people they select.
  • Reply 12 of 17
    Quote:

    Originally Posted by sflocal View Post

     



    Nonsense.  In 5 seconds I googled "chancellor george osborne pics" and got countless pics of him in a more professional setting.






    Nope. Vampiric.

  • Reply 13 of 17
    Quote:

    Originally Posted by ChiA View Post





    Apple Pay transactions greater than £30 don't require PIN or Passcode at the retailers and card processors who have done the required upgrades to their systems, Pret a Manger being one of them.



    Excellent. A fast food chain that sells soggy sandwiches for £ 4.50 allows you to buy more than 6 of them with an iPhone. Progress.

  • Reply 14 of 17
    sflagel wrote: »

    Nope. Vampiric.

    "sflagel"...and "sflocal"? You twins or are you posting and responding to yourself?
  • Reply 15 of 17
    chia wrote: »
    Apple Pay transactions greater than £30 don't require PIN or Passcode at the retailers and card processors who have done the required upgrades to their systems, Pret a Manger being one of them.
    I paid £42 using my Apple Watch in Waitrose today (I'm cringing with you at such a horribly middle class statement but it's true). The banks or Apple need to make the rules clearer.
  • Reply 16 of 17
    Quote:

    Originally Posted by SpamSandwich View Post





    "sflagel"...and "sflocal"? You twins or are you posting and responding to yourself?

    I dont know who sflocal is. I did notice the similarity, though, and am intrigued.

  • Reply 17 of 17
    vmarksvmarks Posts: 592editor
    Quote:

    Originally Posted by sflocal View Post



    Why are unflattering photographs used? I don't get it. AI uses a photograph of the chancellor that makes him look like he belongs in Special-Ed. It's like that with most news outlets. AI is certainly (and typical) but I'm curious as to the reasoning behind it.



    Why is your go-to description "belongs in Special-Ed" ?

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