During Apple’s 2015 Q4 earnings call, CEO Tim Cook confirmed Apple Pay is coming to Canada this year, available to “eligible customers” here, along with Australia too. The company is partnering with American Express. Boom.
Other markets geared to support Apple Pay include via eligible American Express customers include Australia, with Singapore, Spain and Hong Kong geared for 2016.
Partnering with American Express means Apple Pay can launch without involvement from Canadian banks (as most support Visa and MasterCard, except Scotiabank has a Gold American Express Card), which are rumoured to be holding out from adopting the mobile payment solution over credit card transaction fees.
While many merchants already have NFC terminals ready for Apple Pay, the only issue we foresee is not all merchants accept American Express, due to their higher transactions fees compared to Visa and MasterCard. The launch of Apple Pay here with American Express surely will push Canadian banks to fast track adoption of the mobile payment solution.
Earlier this year, the Wall Street Journal reported Apple Pay was set to launch in Canada as early as this November, so it appears their sources were spot on. Our own sources claimed a late October or early November debut of Apple Pay in Canada.
Recently, TD Canada Trust accidentally leaked Apple Pay support was coming, while we’ve also heard support from BMO as well, while some of your local RBC branches are noting support as well. The TD Canada Trust ‘leak’ was the most concrete evidence Apple Pay will be supported by a ‘Big 6’ Canadian bank.
…more to follow, refresh for updates