TD Canada Trust Lends Credence to Apple Pay Launch in Canada Next Month

[MacRumors]

Just one month before Apple Pay is rumored to launch in Canada, large bank TD Canada Trust briefly provided evidence of the forthcoming launch by prematurely listing the iPhone-based mobile payments service as a method of payment on its website, as spotted by blog iPhone in Canada. The link has since been removed.

Apple Pay was briefly listed under "Ways to Pay" at the bottom of TD Canada Trust's website, but the link now leads to a blank page. When it was live, the page said that Apple Pay will soon support TD Canada Trust debit and credit cards, with purchases subject to a $100 transaction limit like other contactless payments in Canada.

In April, The Wall Street Journal reported that Apple was in negotiations with the Royal Bank of Canada, TD Canada Trust, Scotiabank, Bank of Montreal, CIBC and National Bank of Canada about a potential November launch of Apple Pay in Canada. The six financial institutions combined account for more than 90% of Canadian bank accounts.

Apple Pay launched in the United States last October, and expanded to the United Kingdom in July.

TD Canada Trust has around 11 million customers in Canada.

Article Link: TD Canada Trust Lends Credence to Apple Pay Launch in Canada Next Month

 

[Ryanclbryant]

"It's about time"
-every Canadian.

Edit: wooo finally

 

[KALLT]

Need some rumours for the Eurozone too! Pretty please?

 

[salamence502]

I wonder if the Visa-only limitation is only for TD, or if it'll be for all Canadian banks on launch. A lot of people only have MasterCards, so that could be troublesome.

 

[AcesHigh87]

Please let this be true. I only have a 5S right now but will be upgrading to a 6S within the next 6 months and would LOVE if I could use Apple Pay with it.

 

[mxmgodin]

Excellent! I'll probably go get a 6S the moment this is officially announced for Canada (given that my bank will support it). No Apple Pay in Canada is pretty much the last reason I'm still holding onto my 5S (which is still perfectly functional).

 

[fbkjohn]

I wonder if the Visa-only limitation is only for TD, or if it'll be for all Canadian banks on launch. A lot of people only have MasterCards, so that could be troublesome.

safe to assume td just opted for visa only on their end, since outside of mbna canada (which they own), they only offer one non visa credit card (a cashback MC)

 

[asgr8]

Looking forward to have access to it and other canadian banks to follow.

 

[AtheistP3ace]

Happy for you canada but I hate TD bank, at least their american counter part.

 

[nezr]

F'N YES!

 

[Corrode]

I already upgraded from a 5s to a 6s but this would make it seem SO much more worth it than it already is. PLEASE BE TRUE

 

[Stella]

Right on time!

 

[DeepIn2U]

Interestingly enough Apple has an account with TD already:

Hello, I am not a TD client, however, I have recently applied for Apple Financial Services, which I have noticed is handled by TD.

http://www.td.com/to-our-customers/tdhelps/#psce|cid=871|lid=1|tid=001|vid=a022c2435

To obtain information about your account with Apple financed by TD Financing Services, please contact TD Financing Services at 1-866-508-6312.

http://www.td.com/to-our-customers/tdhelps/#psce|cid=871|lid=1|tid=001|vid=b03288f1e

So on TD's mobile payment site there is only their system for payments and mentioning of compatible devices .. which only are Blackberry and Android phones. Yet at the bottom there is mention of Apple and Apple store as trademarks of Apple, yet no where else in the video or for the mobile payment references is there mentioning of Apple being compatible nor Apple at all. This is being done.

Only Apple Store is mentioned for the TD app here:
https://www.tdcanadatrust.com/products-services/banking/electronic-banking/mobile/mobile-index.jsp

 

[DeepIn2U]

Right on time!

I loathe you for having an iPhone ... my company is as stubborn as I was and still enforces BB. Old and decrepid. Arrgh.

 

[JeffyTheQuik]

Whoo hoo! Congrats to you in Canada!

I know I've said it before, but my experience in Canada was that the people are very nice and helpful when we had a problem with our debit card (no chip, only PIN) working there over the summer. I then remembered that my phone had Pay on it, and used that at London Drug.

Have fun with Apple Pay!

 

[jmh600cbr]

couldn't be happier. every POS machine here has NFC, its time we use them. my apple watch can't wait

 

[DAPWNER]

Here's hoping CIBC follows suit.

 

[V.K.]

This is great news! As solid a confirm as one can get without an official announcement. I am just surprised they are keeping it so quiet. Apple Pay in UK was announced about a month in advance I think.

 

[GenesisST]

"US and UK, thank you for the beta testing"
- Canada

But seriously: About "seven-stars" time!

 

[GristlyBear]

When it was live, the page said that Apple Pay will soon support TD Canada Trust debit and credit cards, with purchases subject to a $100 transaction limit like other contactless payments in Canada.

There is no monolithic $100 transaction limit. What does exist is a merchant limit with their own credit card processor. This limit varies by merchant. The IGA I went to had a $100 limit on tap. A local boucherie in the same shopping mall had no limit whatsoever - I charged $300 there via ApplePay.

On the US side of the border there are even fewer limits on ApplePay. I charged $500.00 at the Apple Store and $5,500.00 for a car down payment using ApplePay.

 

[xero9]

There is no monolithic $100 transaction limit. What does exist is a merchant limit with their own credit card processor. This limit varies by merchant. The IGA I went to had a $100 limit on tap. A local boucherie in the same shopping mall had no limit whatsoever - I charged $300 there via ApplePay.

On the US side of the border there are even fewer limits on ApplePay. I charged $500.00 at the Apple Store and $5,500.00 for a car down payment using ApplePay.

Only in the US is there no contactless payments at 99% of the places people go on a daily basis (grocery store, coffee shop, electronics store, etc), but a car dealership? You bet!

 

[wolfshades]

Only in the US is there no contactless payments at 99% of the places people go on a daily basis (grocery store, coffee shop, electronics store, etc), but a car dealership? You bet!

Yeah, what's up with that? I went for a visit to NYC and noticed that even my debit card was pretty much useless to me everywhere. Cash is still king in the U.S. apparently. At least for retail stores and coffee shops anyway.

 

[V.K.]

There is no monolithic $100 transaction limit. What does exist is a merchant limit with their own credit card processor. This limit varies by merchant. The IGA I went to had a $100 limit on tap. A local boucherie in the same shopping mall had no limit whatsoever - I charged $300 there via ApplePay.

On the US side of the border there are even fewer limits on ApplePay. I charged $500.00 at the Apple Store and $5,500.00 for a car down payment using ApplePay.

There are two different things involved here. Newer NFC payment terminals can be set up so that there is no (or very high) transaction limit on Apple Pay purchases because the transaction is authenticated via touch id on the phone. But this requires the terminal to be set up so that it recognizes that you are paying with Apple Pay and not some random contactless credit card. I am quite sure that your car down payment and your Apple Store payments were done via one of those. But older NFC terminals (or newer ones not specifically configured for Apple Pay) will still work with Apple Pay but will treat it as a regular contactless cedit card. All those have fairly low transaction limits (usually no more than 100$) to mitigate against fraud because paying with a contactless credit card does not involve any authentication.

 

[kdarling]

... Newer NFC payment terminals can be set up so that there is no (or very high) transaction limit on Apple Pay purchases because the transaction is authenticated via touch id on the phone. But this requires the terminal to be set up so that it recognizes that you are paying with Apple Pay and not some random contactless credit card.

Good point about the update requirement for terminals to support new standards for on-device cardholder verification flags.

However, it is a generic update usable by any mobile payment method. It is not specific to Apple Pay, although Apple Pay is the first to take advantage of it.

Terminals themselves do not care (or even know) what mobile wallet is being used, which is why Apple Pay works on most any contactless terminal.

 

[john991]

Good point about the update requirement for terminals to support new standards for on-device cardholder verification flags.

However, it is a generic update usable by any mobile payment method. It is not specific to Apple Pay, although Apple Pay is the first to take advantage of it.

Terminals themselves do not care (or even know) what mobile wallet is being used, which is why Apple Pay works on most any contactless terminal.

Well Tim Cook will be on wsjd oct 19th @ 11:30 EST. Either he'll announce Apple Pay in Canada them or Apple will announce it at the payments conference coming up Oct 25th.