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Apple Pay Launches in Canada With American Express, Australia Later This Week
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This doesn't work. As I noticed with my Amex card before, even if a retailer accepts NFC payments and Amex they most often don't accept Amex tap. I tried two places that should accept Apple Pay in the mall and neither work since tapping the phone have a card reader error. I have other cards that use two to pay and I have no issues with them.
You can stop there. They don't.
Apple's cut comes from the card companies--not the retailer, not the customer. The fee they charge (0.15% in the U.S., lower in the U.K) is acceptable to the car issuer because it removes an entire class of credit card fraud, meaning the issuer pays less overall.
You paid $1000 for the phone not for the life long service which is Apple Pay.
You didn't pay for the plastic card, but you pay your bank for the service of using that card at different retailers. And the merchants also pay for allowing you to use the card.
The retailers don't have to pay SQUAT for the privilege of having Apple Pay available at their stores. Apple Pay is NFC, and NFC is like any other transaction. The merchant will only pay their usual fees. The only ones paying a fee to Apple are the banks.
In the distant future when NFC payments become more popular, you might see the banks (since they're for profit) raise their fees or interest rates a little bit, while credit unions keep their fees and interest rates the same (since they're not-for-profit), and that's pretty much it. So unless you overdraft your account, etc, you won't have to worry about indirectly paying for Apple Pay.
You pay the bank for the service of using your card at different retailers? You might want to switch banks. I've never had to pay for the privilege of using my card unless I had to borrow money from the bank.
Do you not pay your banks a monthly fee?
Do you get interest on balances on your checking account?
Only idiots pay their bank a monthly fee. I'm smart enough to meet the minimum requirements to get the fee(s) waived. I also have a credit union, which doesn't charge a monthly fee for anything.
Or add NFC to their own apps and encourage people to use that instead. Probably won't be possible for iPhone users any time soon but it would be a significant savings if you could get most Android users to do so.
Does anyone else notice the Apple Pay missing in the Starbucks app? Under payment in settings Apple Pay isn't listed.
Canada is dominated by 5 GINORMOUS banks. Most people aren't aware that they have options outside of these 5. All 5 of these charge monthly fees on just about all their accounts. All also have services fees on some transactions. TD, ScotiaBank, BMO, CIBC and Royal Bank
They've done a real good job at suppressing the knowledge of other banks by dominating all the commercial space in mainstream media.
They all claim that these fees are "required" or they wouldn't be able to compete and would lose money (Though we all know that be a lie)
There are some other small banks that do offer personal service accounts such as chequeing or savings, however, most of these are smaller, and don't have the resources to compete with the big 5 (some even use the big 5 for their infrastructure).
there's no "idiots only" here. We just have an entirely different industry. Credit unions are also small players and are relatively unknown. If you want a bank with teller services, branches and fulltime service lines, you are using the big 5.
According to his location, the poster lives in America; thus, he's an idiot if he pays a monthly service charge to use a bank.
I've been with Meridian Credit Union for a long time (through at least two name changes as they merged with others) and they offer all of the above. I recommend them for anyone looking for an alternative to the banks.
There are a lot of terminals in Canada which cannot process AMEX Contactless, even though they can process AMEX by chip, and can process Contactless for other cards. There are also some which can process AMEX Contactless, but only though the older magnetic-stripe data mode versus EMV mode. These ones would also still likely have a $100 limit per transaction, despite Apple claiming otherwise. This will improve over time as terminal software gets upgraded.
AMEX had similar issues when they started deploying Chip and PIN cards when most terminals did not support the AMEX application.
Ok well that minimum like giving your bank a free loan to which they make their fee. The banks are still benefiting for you, your not getting their services for free. That is my point.
You still PAY for the service you get from the bank.
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What's with all the newbies here throwing personal insults around? No need to be rude.
It's quite possible he doesn't have enough in the bank to meet the no-fee criterion.
Lots of young people are in that situation, and might not have access to (or knowledge of) alternatives like credit unions.
Do some good in this world. Educate him. Don't attack him.
Sorry for getting so far off the topic of bank account service fees 
Here's another update about Apple Pay in Canada. I was 2 for 2 today - success at McDonald's and London Drugs.
Here's another update about Apple Pay in Canada. I was 2 for 2 today - success at McDonald's and London Drugs.
Where do I pay for the service? The MERCHANT pays for the service, with their interchange fees.
A lot of banks waive the fee with a direct deposit. Am I paying money there? Nope.
M&T Bank waives their $10/month fee for ONE debit card transaction. So I could buy a pack of gum for .20 cents and the $10 fee will be waived.
You don't know what you're talking about. And I am most certainly getting my credit union share checking account for free.
Newbie, dude I've been here since July. It says, "Macrumors regular."
I'm 24... So the young "excuse" isn't really an excuse either, especially when the information is right in front of your face when you go to sign up for a bank account.
Hey Guys and Girls... First post.
So clearly Amex/Apple have work to do - Seems a lot of contactless payments systems do not support Amex, places I tap my Visa all the time error on the Amex card itself and Apple Pay.
Long road ahead it seems...
So clearly Amex/Apple have work to do - Seems a lot of contactless payments systems do not support Amex, places I tap my Visa all the time error on the Amex card itself and Apple Pay.
Long road ahead it seems...
From the merchant's point of view, using Apple Pay is no different than using a contactless card. There are no extra fees for Apple Pay.
You wouldn't pay Apple anything extra. Apple's fee (15 cents per $100 in the US, and reportedly less elsewhere) is paid by the issuing bank. Since the tokenization and cryptographic signature eliminates an entire class of credit card fraud, it will likely reduce the bank's costs and actually be a net gain. But if it isn't, the additional cost will be born by all of the bank's shareholders and customers.
I continue to shake my head in amazement at the level of ignorance displayed on these threads about Apple Pay. The implementation, security, and fee assessment has been discussed repeatedly -- but so many people just want to post an ignorant complaint, rather than taking a few minutes to read and educate themselves.
Did you even attempt to read my post?
The banks are keeping your money and not paying you interest for it, allowing them to make money off your money.
Also this entire thread is talking about Canada, so while it is nice that you have those features in the US we dont necessarily have them in Canada.
We have a bank here called Tangerine in which even in a regular Chequing account, we get interest paid to us on whatever balance is in there. That is truly a 'free' bank, they pay you to keep your money with them. But they are an online bank.
There are a number of ways to get bank fees waived. All of them generate income for the bank.
- A minimum balance essentially loans money to the bank.
- A monthly direct deposit ensures you are adding money to the account, that will remain for at least a few weeks. Most people deposit a paycheck or pension payment, which is a significant amount. That's also a loan to the bank.
- A debit card transaction also generates a transaction fee, albeit paid by the merchant. A single one isn't much, but the idea is to get you to use it regularly, perhaps for an automatic payment.
- Some banks wave other account maintenance fees if you have an loan (installment or mortgage). Your finance charge is significant income for the bank.
Haha, no, try again.
1st of all, banks pay 0.01% interest on anything (at least that's most of them).
2nd of all, when my paycheck comes in, it goes towards my credit cards which DO pay me in rewards cash back, so they don't keep any money really. They're actually paying me since I don't pay any interest to them.
The point is, I don't pay them a fee every month to keep my money.
And yes you do have those features in Canada... Join a credit union. Multiple people on this thread (who live in Canada) have joined a credit union that offers the same services as the big 5 banks.
Yes, but one transaction for .20 cents a month equals how much revenue for the bank? Like nothing.
#1 is true, but I don't keep much money in my checking account for more than a day or two.
#2 is true, but not for myself, individually. I use credit cards for all of my purchases.
#3 is true, but I don't use a debit card.
#4 is true, but I don't have a mortgage or installment loan at this time.
The point I'm trying to make, is that while the bank can use my money to make money for themselves, I'm not paying money out of my own pocket for my bank account each month.
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Could be the vendor is choosing not to support AMEX due to costs.
Dunno how it is in the states, so this only applies to Canada.
In Canada, The vender themselves pay for the use of their terminals. it is a percentage of each transaction. from talking with a few smaller stores, VISA/Mastercard charge anywhere from 1-2% per transaction. I don't know how much AMEX charges. However, I have run into a bunch of places that will accept VISA/MC but refuses AMEX, and are not setup with AMEX as a payment processor. But it's rumoured that AMEX merchant fees are quite high in comparison.
Its not unheard of for some small vendors to not even accept any credit cards, despite having terminals. EG:, a local convenience store here, and a little caffe in my building have full contactless payment terminals, but only accept Debit cards, no Credit Cards at all.