TD Bank Says Apple Pay in Canada is “Ultimately Apple’s Story to Tell”


With the Wall Street Journal reporting last Friday Apple Pay could be launching in Canada this fall for credit card and debit cards, it has gotten many Canadian excited, particular those with the iPhone 6 and iPhone 6 Plus and imminent Apple Watch owners.

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However, Canadian banks are worried about credit card fraud, due to recent cases in the U.S. where fraudsters exploited weak bank verification methods to tally up purchases with stolen cards and Apple Pay. Therefore, the ‘Big 6’ banks in Canada have formed a consortium to negotiate terms with Apple on the process.

TD Bank late last week responded to the Apple Pay story to the Toronto Star and said “This is ultimately Apple’s story to tell,” while also saying “Once [Apple] announces what it is going to do in the Canadian market, we can then assess what our involvement will or will not be in the Apple Pay space.”

Senior corporate communications manager at the Royal Bank of Canada, Andrew Block, responded to the story with “We don’t comment on rumours or speculation on behalf of third parties.” RBC told The Globe and Mail “At this time Apple Pay is available in the U.S. only. Apple has not yet announced plans for Apple Pay for the Canadian market.”

Apple Pay is authenticated on Apple Watch when you put it on your wrist and enter a passode. The moment you remove the watch from your wrist, re-authentication is required once skin contact is broken.

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Another issue facing banks, according to the WSJ are Apple’s terms on credit card transactions, which are said to be 15 to 25 basis points per transactions for banks, or $0.25 for every $100 spent. U.S. banks are said to be charged 15 basis points by Apple.

Back in February, the U.S. branch of RBC was reportedly seeking Canadian Apple Pay testers. The Canadian bank has its bets on its own mobile wallet, which securely stores credentials on SIM cards. RBC CEO Dave McKay told investors last month the bank is set to take on mobile wallet competitors from Apple and Google, noting a “collision course” was coming.

Consumers have made it clear they want Apple Pay in Canada. It’ll be interesting to see which bank will be the first out of the gate to support it, or if all major banks will agree to Apple’s terms and allow for a simultaneous announcement, rumoured for November.



  • Geoffrey Spencer

    I read that the main cause of the fraud cases in the U.S. was because of poor BANK verification protocols at the time of registering the credit and/or debit cards to the iPhone. If this is true, it sounds like an issue for the bank’s to solve, not Apple. Am I missing something here or misreading something? Apple could help by using their own two-step verification protocol when registering with Apple Pay to confirm the user’s identity.

  • Yes, that’s what we reiterated and it’s the bank’s fault as to why this is happening down in the U.S.

    Using Apple’s 2-step protocol definitely would be one way to help confirm identities.

  • It’s Me

    Therefore, the ‘Big 6’ banks in Canada have formed a consortium to negotiate terms with Apple on the process.

    …or a cartel in other words. Maybe cabal. Great.

  • Rio

    I would be happy if AMEX supported Apple Pay, could care less for the banks tbh.

  • zaphod

    Why is TD being so picky in Canada when they have been supporting Apple Pay in the US since December? Or is it really Apple to blame? They really should have started with Canada as we have a much better POS infrastructure since almost all merchants have NFC terminals today, unlike the US.

  • Rio

    I personally think these are standard replies they are required to give while working with Apple. Apple wouldn’t be to happy if they went around telling everyone they are working together.

  • dylan

    they do……

  • Rio

    Not the Canadian Cards….

  • Vineet

    They do now