Tag: apple pay canada

Apple launches mobile payments platform in Canada

Apple Pay has finally come to Canada, officially launched this week

Apple Pay has officially launched in Canada, where it may be able to find more traction among consumers than it has in the United States. Apple launched its mobile payments platform in the U.S. late last year, but Apple Pay has not found the degree of success that Apple had expected. Of the 1 million people that are registered for Apple Pay, approximately only 5% use the service regularly. In Canada, Apple may be able to find more consumers that are interested in mobile payments.

Consumers in Canada have shown a great deal of interest in mobile payments

Canadian consumers now have access to Apple Pay, which will allow them to use their mobile devices to make purchases at physical stores and online. Physical payments are accomplished by “tapping” the mobile device to a payment terminal, which is equipped with NFC technology. NFC is designed to transmit data over short distances, which makes it an ideal tool for mobile payments. Only those with the latest iPhones will be able to use Apple Pay, however, due to the fact that these are the only iPhones that are equipped with NFC technology.

Apple is slowly breaking into new markets with its mobile payments service

Apple Pay - Mobile Payments CanadaApple has opted to take a relatively slow approach to the expansion of its mobile payments service. The company has shown interest in bringing the service to other countries, but it has opted to take its time in doing so. The slow approach may pay off in the long run, as consumers will become more comfortable with mobile payments when apple Pay becomes more available.

Consumers in the US are lagging when it comes to mobile payments adoption

While consumers are becoming more interested in mobile payments, they still prefer more traditional forms of commerce, such as paying with plastic cards and using physical currency. In the United States, mobile payments is growing, but at a slower pace than what is being seen in other countries. As such, many organizations are beginning to focus on these markets with their mobile payments services.

Apple Pay will be available to Canadian users by November

The iOS based mobile payments system will be making the leap north from the United States this year.

According to recent reports in the Wall Street Journal, Apple Pay is preparing to launch in a new market before the end of 2015, as it gets itself ready to step north into Canada for a November roll out.

The mobile payments service is already available in the United States, but it has yet to head anywhere else.

iOS device users in other countries may have been waiting to be able to use Apple Pay, but since it was first launched in October 2014, it has been available exclusively in the United States. Now, it looks as though it will become available in other countries, or at least one more, as it will be opening up in Canada this year. Six of the major banks in Canada have been reported to be in talks with Apple with regards to its wireless, contactless mobile payments system.

Despite the fact that Apple Pay is associated with higher fees, it does look as though Canadian banks are ready to support it.

apple pay iphone mobile paymentsThe banks with which Apple has been discussing its mobile payments include: TD Canada Trust, Scotiabank, CIBC, the Royal Bank of Canada, the Bank of Montreal, and the National Bank of Canada. These are some extremely influential institutions over the Canadian marketplace, when it is taken into account that they make up more than 90 percent of all bank accounts in the country.

These banks have indicated that they are prepared to support the smartphone based payments services from Apple, regardless of the fact that there have been some serious concerns expressed about higher fees and even some security problems.

The country is virtually ready, already, with the technology and infrastructure that would be required or the implementation of Apple Pay, as a vast number of the country’s businesses and retailers have already implemented the type of contactless terminals that would be needed to make the service work for iPhone (and Apple Watch) users. The country was among the first to broadly adopt chip-and-PIN tech as well as credit card NFC technology based tap-and-pay terminals.