Dive Brief:

• The mobile payment market moved another step forward Tuesday as Apple introduced contactless payments via Apple Pay in the UK. 

• Apple Pay will eventually be supported by all major British banks, Apple said, and available for use at 250,000 sites across the UK.

• Apple is reportedly looking to introduce mobile payments in Canada, China, and South Korea as well.

Dive Insight:

Part of Apple Pay's appeal to banks and merchants is a higher level of security than most other electronic payment methods to date, as well as its speed and convenience. With contactless payments, consumers simply place their device in close proximity to a reader and go.

As a result, merchants hope to see sales volumes increase as transactions speed up. An American Express study found contactless transactions were 63% faster than cash and 53% faster than a traditional credit card.