Apple is in talks with Canada ’s six largest banks to smooth the way forApple Pay’sdebut up northward this November .
According to aFriday report in theWall Street Journal , Canada ’s adult bank are balking at Apple ’s roving payment inspection and repair . Their biggest concerns , according to theWSJ ’s sources , are Apple ’s fees and security issues touch on to Apple Pay .
Apple picked Canada as its test case for expansion for two main reason : iPhones are unbelievably pop up northward and Canadian merchants have already moved to Near - Field communicating - equipped payment terminal , which Apple Pay requires .
Apple is reportedly working to get the National Bank of Canada , Royal Bank of Canada , Bank of Montreal , Bank of Nova Scotia , the Toronto - Dominion Bank , and the Canadian Imperial Bank of Commerce on board , but the banks are concerned that Apple will potentially turn on high fee for Canadian card issuers than American unity , though Apple does n’t disclose what those fees are .
Canadian retailer have mostly dramatise NFC depot , which Apple Pay requires to operate .
The banks have also reportedly banded together and hire a house to develop a plan to make Apple give more good . Their concerns are n’t unfounded : Banks in the States have reportedly see high storey of fraud with Apple Pay than other transactions . However , the imposter has nothing to do with the tech behind Apple Pay , but rather the banks ’ own card verification process . My colleague Glenn Fleishmanhas more detail hereon how the cant ’ own security measure process are failing them when it come in to Apple Pay .
harmonise to theWSJ , Canadian banks plan to address those security department issues by sum two - factor authentication to control carte before they can be used with Apple Pay , so exploiter will have to enter a code , a PIN telephone number , or log on to their mobile banking apps to prove their identities . That approach might work , but it will also tot friction to the mobile requital experience , which is supposed to be quick and well-situated .
