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Apple Pay Launching in Canada With American Express on November 17
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Sure the banks all have fraud protection, but it's always better to prevent the fraud in the first place than to get reimbursed for it. Then you have to get a replacement card and change any automatic payments on that card, change info on all the websites you had that card stored on, etc.
It's like saying why are you worried about someone stealing your car? Your insurance will pay you for it if it gets stolen. So why lock it or put an alarm on it?
Hopefully when the other banks see the potential in Pay, they would hasten their process and acceptance for Pay.
I think that banks still look at mobile payments are sort of a gimmick and they can't earn from there.
I think that banks still look at mobile payments are sort of a gimmick and they can't earn from there.
You mean the multibillion $$$ profits they make each year? They keep making profits and yet lay off people and then block services that may be beneficial to their customers. News is the big 5 are EACH trying to come up with their own contactless system. WTF?! I really thought TD was going to offer it to Canadians since they offer it in the US!
Given how many American banks have rolled out Apple Pay, it doesn't seem like the cut for Apple can be that much of a deal-breaker. I suspect it's more likely that the smaller number of banks in smaller markets are unwilling to give up any of the control they have in those markets, where there's not as much competition.
Like the "big four" banks in Australia. But thankfully Amex is accepted almost everywhere here - I've been using Amex for a while now and rarely come across places that don't accept it - and getting an Amex Australia issued card is very easy (takes about 10 minutes online, then it shows up a few days later in the mail).
Meanwhile, according to another forum, Apple Pay is launching in Australia on the 19th. That's just a rumor though, based on someone changing their phone's region to the USA and trying to activate their American Express Australia card. They subsequently received an e-mail stating there was a problem with the activation and to call Amex Australia support, which they did and were told that it wouldn't be possible to activate until the 19th. So... not the most reliable information, but we shall see!
Like the "big four" banks in Australia. But thankfully Amex is accepted almost everywhere here - I've been using Amex for a while now and rarely come across places that don't accept it - and getting an Amex Australia issued card is very easy (takes about 10 minutes online, then it shows up a few days later in the mail).
Meanwhile, according to another forum, Apple Pay is launching in Australia on the 19th. That's just a rumor though, based on someone changing their phone's region to the USA and trying to activate their American Express Australia card. They subsequently received an e-mail stating there was a problem with the activation and to call Amex Australia support, which they did and were told that it wouldn't be possible to activate until the 19th. So... not the most reliable information, but we shall see!
If it's the banks dragging their heels on this, they're being incredibly short sighted. In a great episode of (a great podcast) Exponent, the hosts Ben Thompson and James Allworth discussed how once you enter a credit card into ApplePayin your phone or watch, you're far less likely to use another card. It's not like a wallet, where you can just as easily put out a different credit card. The first one put into a person's ApplyPay wallet gets first mover advantage. There should be a gold rush for the credit card companies to be the result of your tapping your phone or watch. I'd imagine the drop off rate for being the 2nd or 3rd card is going to be huge.
The only upside for competitors is that American Express is relatively rare in Canada. Will be interesting to see how many people switch.
The only upside for competitors is that American Express is relatively rare in Canada. Will be interesting to see how many people switch.
That's exactly what Apple Pay is. If you have Apple Pay in the US or UK then you can already use it in Canada anywhere that contactless is accepted.
Apple is not in control of the transaction process at all - Apple does not directly "see" any part of the purchases you make with Apple Pay, other that some anonymised usage data that is fed back directly from your device via a separate channel.
Card-issuing banks do, of course, need to add support for issuing DANs (the virtual credit card numbers used by Apple Pay devices) which means updating their software and systems. They're also, no doubt, unhappy about paying a chunk of their interchange fees to Apple for facilitating the transaction.
In the UK, banks got a much better deal on Apple Pay than they did in the US - but interchange fees are generally a lot lower in Europe to begin with. Canadian banks are presumably hoping to strike a deal closer to the UK model than the US one!
If Apple can accommodate cheaper rates in the UK than the U.S, then Apple can do this in Canada.
Apple forget the banks / credit card companies don't need Apple Pay, but Apple need them.
Very little people use Amex here - and very little merchants accept the card, so its not a big deal.
The vast majority of people are not going to get Amex cards because of Apple Pay.
Still, its good to see Apple Pay in Canada, but Apple need to realize where they stand - they are an optional extra.
Apple forget the banks / credit card companies don't need Apple Pay, but Apple need them.
Very little people use Amex here - and very little merchants accept the card, so its not a big deal.
The vast majority of people are not going to get Amex cards because of Apple Pay.
Still, its good to see Apple Pay in Canada, but Apple need to realize where they stand - they are an optional extra.
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As someone who basically only ever uses Amex in the US, and I'm not talking about nationwide retailers, but every local store or restaurant (my yoga school is the *only* one that just takes Visa) I am puzzled by the Amex not being widely used in Canada (clearly there is more resistance to it in Europe as well, but still pretty rare for our vacation trips).
From what I know Apple Pay's fee for banks is ¢0.15 per $100.
Amex has a higher transaction rate than other credit cards - it costs retailers more.
https://www.nerdwallet.com/blog/credit-cards/retailers-accept-american-express/
https://www.nerdwallet.com/blog/credit-cards/retailers-accept-american-express/
If my CC becomes compromised, the bank immediately refunds all fraudulent purchases. If I lose the CC or it gets stolen, it's replaced immediately and free of charge. So really, the additional security would only benefit the banks, but I doubt the savings would eclipse the royalties being paid to Apple. Besides, I don't think it's prudent to waive a smartphone around when making purchases. It makes you a target, and if your phone gets lost or stolen, you're out of pocket ~$900. BTW, I have fingerprint misreads on a daily basis, so it is definitely an issue. I've changed the scanned print multiple times, too.
Perhaps we just use our phones differently. The iPhone 6 is too big for my liking, so I almost never carry it in my pocket anymore. By contrast, I always have a my CC in my pants pocket, so I never have to fumble for my phone.
If there's strong demand for an Apple product or service, negotiations are typically a formality because Apple has all the negotiating leverage. I find it rather illuminating that negotiations haven't progressed with the major Canadian banks.
Not as rare as I thought. I looked up supporting vendors and there's plenty of "every day" vendors out there like Metro groceries, Whole Foods, Walmart, and other stores like Staples, etc. etc. It's a good sized list that take Amex. Amex also offers a couple of cards without fees and one can pay their Amex bill through online banking. I may look into getting a card IF my big 5 bank doesn't get on board.
And how often do these fraudulent charges come about, and would that frequency be sufficient motivation for someone to completely change their purchasing practices?
I'd say no.
What is the sense of entitlement here? Why do people feel that we are entitled to use Apple Pay? Why would people think bank have obligation to accept Apple Pay?
Seriously, if banks offer Apple Pay that is great, if they choose not to, then that is fine for me, it is not like I can leave my wallet sy homes anyway. I seriously doubt people will switch bank in mass justice because one bank does not accept Apple Pay...
Look it is Apple that need banks in board for Apple Pay to success. Banks do not need Apple Pay for them to make profit. It is Apple wants to sell their hardware through features like Apple Pay, so Apple better eat their pride and provide lower fees or come up with term that is acceptable for both side. It is certainly bank begging Apple for Apple Pay
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What sketchy areas do you live / shop in?
Smartphones are everywhere, you see people text everywhere. Whipping out your smartphone to make a payment isn't a big deal.. hence my question.
Apple pay will fail because Apple is so greedy. Apple came up with a good tech but they don't deserve a fee per transaction because Apple isn't providing any service Apple pay is not a service, its a technology that piggy back on services already there. It's as ridiculous as carriers charging for tethering when tethering is technology on the phone already.
When it comes to the rest of the Europe it will be like this: The year is 2258, the place - Babylon 5.
I never made assumptions of "entitlement". I said they block services like Apple Pay even though they make a lot of profit every year. I was referring to someone who said that the banks don't want it because it would cut into their profits something like $1 for every $100, yet they can still make billions of $$$ with it. TD offers it to their US customers, but won't/can't seem to offer it to their Canadian customers.
Whoopee...to bad I got a TD visa card...in other words, more waiting and hoping.
Indeed. This is all but useless until Visa and MasterCard stop dicking around and delaying the inevitable and get onboard. I had a guy call me from the Royal last week and offer me a 'deal' on identity theft protection. I told him to just get Apple Pay working already and then it's a token system which would help PREVENT identity theft rather than insure me against it. I never got rid of a solicitor faster... that didn't bode well. They don't want to hear it.
It isn't.
You're showing global statistics. US banks account for roughly 47% of all credit card fraud in the world, while total transactions for the US only make up about 23%-25%.
Now all they need to do is to get it to work with Amex in the US. Still not working on Fidelity Amex.
Have you tried making a purchase of more than CAD$ 100 with your contactless card? Good luck!
Even for small transactions, I find Apple Pay is more convenient than contactless. By the time you dig out your wallet, find the appropriate card, tap it, and put it all back again, you might as well have just paid more securely using Apple Pay. This is particularly true when tapping in and out on the Tube ("Subway" for you North Americans!)
It's even better with the Apple Watch, which lets you skip the Touch ID authentication altogether (but is still secure, as the watch will lock when it's removed from your wrist).
If you're going to get an AMEX card, why waste it on a 1% cash card?
Get one of their cards with 6% back, 3% back, or with $100 airline credits each year.
Only an idiot would get a straight 1% cash back card, especially through AMEX. The cards with annual fees are a better deal.
I have the same card and I love it. One of the best features is that the warranty of any product you buy is automatically doubled up to 1 additional year. I put all of my electronics purchases on it because of that and it's come in handy. My partners iPhone 6 Plus just had a problem with the touch screen and needed an out of warranty replacement which cost $489. Amex is covering that.