Report: November Launch for Apple Pay in Canada

Report: November Launch for Apple Pay in Canada

Apple is reportedly readying a November launch for Apple Pay in Canada. The Wall Street Journal reports the Cupertino firm is in negotiations with six Canadian banks for a November launch of the service.

Report: November Launch for Apple Pay in Canada

The six banks said to be in talks with Apple are: The Royal Bank of Canada, TD Canada Trust, Scotiabank, Bank of Montreal, CIBC, and National Bank of Canada. Those six financial institutions account for more than 90 percent of all Canadian bank accounts.

While the banks are reportedly open to the idea of supporting Apple Pay in Canada, they are said to have expressed concern over fees and potential security issues.

“The banks are open to an agreement, but they aren’t happy with Apple’s fee proposals and are concerned about security vulnerabilities like the ones that U.S. banks experienced as they rolled out the service, the people said.”

Canada is an ideal candidate for an Apple Pay rollout, as merchants in much of that country are already equipped with the contactless payments terminals that are a requirement for Apple Pay.

Apple’s mobile payments service uses iPhone 6 and iPhone 6 Plus handsets to make contactless payments. The Apple Watch, due for an April 24 release, will enable Apple Pay for iPhone 5, 5c, and 5s users.

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