Apple Pay Finally Embraced By Canadian Banks RBC, CIBC
Apple Pay is finally getting the green signal from major banks in Canada and is no longer limited to American Express cards, hardly used by Canadians. Now people in Canada can shop to their heart’s content using their iPhones or Apple watches.Advertisement
However, after extended efforts on the part of Apple, two of the largest banks in Canada, namely Canadian Imperial Bank of Commerce and Royal Bank of Canada, have opened up their doors to Apple’s tap-to-pay service. Three more major banks – BMO, Scotiabank, and TD – have committed to join Apple Pay in the coming months.
Some of the smaller banks like CTF and ATB have also initiated Apple Pay support. While the big banks will let the customers avail both, credit as well as debit card facilities, the smaller banks will only stick to credit cards.
Apple Pay lets people record their debit/credit card details on their iPhones or Apple watches and acts as a digital wallet while making in-store purchases. Jennifer Bailey, Apple’s vice-president of Apple Pay, confirmed in an interview, “We are thrilled that seven of Canada’s leading banks, including … every one of the Big Five, are bringing Apple Pay to their customers.”
Apple Pay users will have the option to add multiple card details from more than one bank onto their Apple devices and choose the one they want to use for payments.
It seems that one of the main reasons the major banks of Canada had been holding off from lending their support towards Apple Pay is because they had been working on developing their in-house digital wallets. As Financial Post points out, “CIBC, Bank of Nova Scotia and Royal Bank of Canada are among the banks that were chasing after consumer digital transactions with their own apps.”
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