Wednesday 26 October 2016 | RSS


    News in brief

    Credit card networks in “standoff” with Apple in Canada

    News in brief

    Apple’s decision to launch Apple Pay in Canada with just the support of American Express “had less to do with Apple’s strategy for entering Canada specifically, and more to do with a global push that aims to negotiate by credit-card network rather than bank by bank,” a source has told The Globe and Mail. “Sources familiar with the negotiations say the most pointed standoff was between Apple and credit-card companies,” the newspaper says. “Rather than allowing negotiations with multiple parties to drag on, Apple decided to partner solely with American Express Co, which will help the company stick to its rumoured timeline of a November rollout in Canada.”

    Filed by Email Rian Boden Published • Last updated 9 November 2015, 15:25

    • Willam Hugh Murray, CISSP

      The card brands had better get with it. Magnetic stripe, and the cards that go with it are broken beyond repair. Consumers who do not know it are paying a price. Mobile is the future and Apple and Samsung are the leaders in the space.

      However, at least for the moment, the brands and their customers have the account relationships that make the system work. If they have a future, it is in this relationship. This, not magnetic stripe, not cards, not even EMV, is what they need to conserve.

    • Robert.Walter

      Neither Bitcoin or direct debit will dislodge the credit cards as folks like the indemnification, rewards, etc.

      Apple’s play with AMEX is to put pressure on the banks. If they detect customers moving to AMEX, they will form a line at the Apple Pay sign up window (just see how quickly Barclays abandoned their countervailing position.)

    More headlines...