Apple Pay will have a major effect on the payments market, according to a panel of experts from the financial and payments sector at TechUK's Payments Innovation Conference 2015.
V3 asked Lloyds' payments and technical services director, Mark Curran, about the impact of Apple Pay on the UK when the service launches here in July.
"Apple Pay brings something new to the market, no question. It will have a significant impact, and you don't do anything with Apple in a guarded way," he said.
"You just have to look at their reach, at the type of customers they've got, the number of customers. And the service is pretty good, so I think it will take off."
Curran would not be drawn on stating a preference for Apply Pay or its prospective rival Android Pay, although Lloyds is one of many UK banks that will allow its cards to be used with Apple Pay by the autumn.
Curran said that both services will have a strong effect on the payments market, given the proliferation of contactless payment-enabled smartphones running Google's Android or Apple's iOS mobile operating systems in the UK.
"I think Android Pay has exactly the same opportunity and capability. It's about devices at the end of the day, as many users have Samsung, Android and Apple phones," he added.
Tim Jones, chief executive of National Employment Savings Trust (NEST) and a digital cash expert, also said the advent of Apple's and Google's payment services is indicative of the market moving towards a point where people want their entire wallets to be digitalised and stored in the cloud and on smartphones.
"You can bicker about who's doing it [best] and the economics, but the concept of taking a substantial chunk of those cards and digitalising them is very powerful," he said.
"Apple Pay and Android Pay, and the concepts inside them, are significant contributors because they allow all the payment cards we have in our gazillions to be placed in our smartphones. And therefore it is part of an inevitable and necessary process."
There appears to be a positive reception to the new payment services, but competition between the brands will be fierce. Apple, Google and Samsung are already facing a Mexican standoff over mobile payments.
One banking giant that appears willing to try its hand in the digital payments space against the likes of Apple and Google is Barclays, which on Monday unveiled new contactless payment tools in the form of a sticker, a keyfob and wristband.
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