Apple to Launch Apple Pay in Canada in November?
According to the latest report shared by The Wall Street Journal, Apple is planning to launch Apple Pay in Canada as soon as in November. The reporters claim the guys from Cupertino are currently in talks with six major Canadian banks about the possible launch of the NFC-based payments system in the near future.
Apple is trying to reach agreement with such banks as Royal Bank of Canada, TD Canada Trust, Scotiabank, Bank of Montreal, CIBC and National Bank of Canada. Although these financial institutions are not against the support of Apple Pay, they want to make sure the users of the new service will be protected and that they won’t have to pay higher fees for the transactions they conduct.
The six Canadian banks have reportedly formed a consortium and hired consultancy firm McKinsey & Co. to develop a security protocol for Apple Pay. The financial institutions have also considered the need for secondary authentication to verify customer information, such as entering a PIN, logging on to a mobile banking app or using a one-time passcode sent via text message before cards can be used on Apple Pay.
As you know, Apple Pay was launched in the USA last October. According to what people familiar with the matter claim, the service will become available in Canada, the UK, China and a number of other countries later this year.
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