“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. The Royal Bank and CIBC say starting today their clients can load their debit and major credit cards onto iPhones and Apple watches to make in-store purchases.
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Until yesterday, Apple Pay was available in Canada only to American Express cardholders, not including those issued by Scotiabank, and without the support of any of the country’s five leading banks, limiting the potential market considerably.
Apple’s tap-and-pay system was first launched south of the border in 2014 and has been gradually expanding internationally.
Avinash Chidambaram, vice-president of product and platform development at Interac, says he expects Canadians to embrace the technology quickly and readily.
Launched previous year in the U.S., Apple Pay allows iPhone users to pay for items via their smartphones, while the company transfers money from their financial institution behind the scenes.
Apple Pay is now available to anyone with an ATB Financial MasterCard and will be available this fall with ATB debit cards. Coming soon, ATB customers will be able to use Apple Pay to pay for goods and services within apps.
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Bank of Montreal, Toronto-Dominion Bank and Bank of Nova Scotia will all follow in the months ahead.
