When we last heard about Apple Pay, it seemed like a good idea in theory, but perhaps a bit impractical. In order for this idea to really take off, banks needed to get on board — or else the system could only be used in a limited number of places.
But now, this could no longer be the case. All five major banks — Royal Bank, CIBC, TD, Bank of Montreal and Scotiabank — have agreed to allow their customers to use Apple Pay.
If you need a refresher, here’s how it works. Customers can use Apple Pay to upload their personal banking information (whether it be their credit or debit card numbers) to their smartphones. Then, they can buy anything less than $100 at locations that accept this technology.
Customers shouldn’t worry about not being able to use Apple Pay at their favourite everyday spots. Some of Canada’s most popular fast-food chains and retailers — including McDonald’s, London Drugs, Tim Hortons, Canadian Tire, Petro-Canada, and Pizza Hut — are all able to accept it. The TTC, Air Canada and Pizza Pizza are expected to accept the payment in the near future as well. And if you’re looking for apps that accept Apple Pay, you can turn to Delta, Groupon, Ticketmaster and Starbucks, amongst others.
Customers with Royal Bank and CIBC have been able to use Apple Pay since last month. Where the other banks are expected to follow suit shortly and make the system available to their customers within the upcoming weeks and months. Apple Pay is compatible on the iPhone 6, iPhone SE and/or some kinds of iPads.
Apple Pay reflects a growing trend amongst Canadian consumers to avoid paying for their purchases with cash. But now that banks have begun to allow Apple Pay, it will be interesting to see whether this particular paperless system gains much more traction in Canada. Beforehand, only users with American Express cards — and non-bank ones, at that — were able to use Apple Pay. While it’s clear that a wide variety of industries are accepting the payment — airlines, ticketing, fast food, transportation, are just some of the few that have already come on board — the payment will only be truly reliable if customers can walk into any store without having to worry about it being accepted or not.
For more on this story, visit the CBC.
Featured image source: Apple