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    Financial Post

    News about Financial Post.

    Canadian banks go live with Apple Pay

    June 1st, 2016

    Customers of Canada’s TD Bank, Scotiabank and BMO Bank of Montreal can now make in-store and in-app payments using Apple Pay. TD Bank and Scotiabank announced that they would be supporting Apple Pay last month, but “the three major banks’ launch is coming sooner than anticipated,” says the Financial Post. Apple Pay launched in Canada with the support of American Express alone in November 2015.

    Canadian banks get “more favourable terms” for Apple Pay support

    May 11th, 2016

    Canadian banks that announced their support for Apple Pay earlier this week have received “slightly more favourable terms than US financial services firms,” according to the Financial Post. “While Apple will receive 0.15 per cent or 15 basis points on credit transactions — comparable to the widely reported figure for Apple Pay in the US, which works out to 15 cents for every $100 purchased — a lower fee of four basis points will be applied to credit transactions after an annual payment of 50 cents per card,” the publication reports. Apple Pay launched in Canada in November last year.