‘Big Five’ Canadian Banks Sign up for Apple Pay

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The Financial Post reports that two major Canadian banks — Royal Bank of Canada and Canadian Imperial Bank of Commerce — have signed up for Apple Pay. Starting from today, credit and debit cards issued by these banks will work in Apple Pay thereby allowing iPhone 6 and newer owners to use their smartphone or Apple Watch to make payments at supported retail stores.

Additionally, two other financial institutions, ATB Financial and Canadian Tire Financial Services, have also added support for Apple Pay from today.

Three other major Canadian banks — Bank of Montreal, Toronto-Dominion Bank and Bank of Nova Scotia — will also start supporting Apple Pay “in the coming months”, though there is no confirmed launch date for the same. Once these three banks start supporting Apple Pay, the NFC-based payment service would be supported by the ‘Big Five’ banks of Canada.

“We are thrilled that seven of Canada’s leading banks, including … every one of the Big Five, are are bringing Apple Pay to their customers,” said Jennifer Bailey, Apple’s vice-president of Apple Pay, in an interview.

Apple had first launched Apple Pay in Canada in November last year. The rollout was limited, with only American Express cards being supported. Many banks in Canada were working on their own mobile payment service and so they were reluctant in adding support for Apple Pay. In the end though, they realised that making customers decide between their bank and smartphone was not the smart thing to do, and after negotiations with Apple over the “interchange” fees on each transaction, they decided to jump onboard the Apple Pay bandwagon.

Apple has been aggressively expanding Apple Pay outside of the United States this year. Over the last six months, the company has launched Apple Pay in China, Australia, and Singapore, with the service being rumored to launch in Japan, Brazil, Hong Kong, and France later this year.

[Via Financial Post]

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