Michael Hainsworth from BNN had TD Bank CFO Colleen Johnston on the show today to discuss mobile payment competition from tech companies.
When asked about how the bank would respond to these disruptors, Johnston replied “There are disruptors who are coming in who are looking at the payment space and we have to continue to really invest in our capabilities and make sure we are giving the consumer everything they want and more,” but also added “Apple Pay wouldn’t be in that category.”
When Hainsworth asked Johnston “are you working with Apple in any way, shape or form?”, the CFO dodged the question but responded “we are working with a broad set of parties out there, let’s put it that way.”
While Apple Pay remains US-only at this point, its first international expansion could be Canada, as early as November, according to a report from the WSJ. TD Bank responded to the rumour at the time by saying Apple Pay “is ultimately Apple’s story to tell.”
TD Bank last December launched support for Apple Pay in the US, so an established relationship is already in place with the iPhone maker.
Canada’s ‘Big 6’ banks have formed a consortium to negotiate terms with Apple for Apple Pay and there’s no guarantee we will see it this fall, but of course we all hope it will. Apple Pay would finally bring more value to the iPhone 6, iPhone 6 Plus and Apple Watch in Canada, making this huge selling feature useful here on our vast network of NFC terminals.