All Big Five banks join Apple Pay club, Report

Following a rollout to the Royal Bank of Canada and Canadian Imperial Bank of Commerce earlier this month, Apple Pay is now coming to the other three big banks in Canada. With this rollout, Apple Pay is now supported by all of Canada’s “big five banks.” As reported by The Toronto Star, BMO, TD and Scotiabank customers will be able to use Apple starting June 1st.

Apple Pay was first introduced to the Canadian market in November, but initial availability was limited to American Express credit cards. Wider support was announced earlier this year following successful negotiations with major banks and Canadian interbank network Interac, the latter of which developed a new token service to process debit card-based Apple Pay transactions.

Today’s additions come just one week after Apple Pay gained five major banks in Singapore. As it did in Canada, Apple leveraged its partnership with American Express to offer consumers in Singapore relatively early access to touchless iPhone and Apple Watch payments. After going live in April, the company hammered out deals to bring comprehensive coverage to more than 80 percent of all Visa and MasterCard cards issued in the country.

Looking ahead, Apple Pay chief Jennifer Bailey last week said the company is working to rapidly expand in areas of Asia and Europe. The endgame, Bailey said, is to offer Apple Pay in every major market Apple products are sold.

Agencies/Canadajournal