The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Will Apple Pay be the tipping point to make people switch their wallets for their phones?
– canadianbusiness.com
NEW YORK, N.Y. – Apple wants the plastic credit card to become as rare as the paper check.
On Tuesday, the company announced Apple Pay, a digital payment system that lets people pay for retail store purchases using their phones rather than cash or credit cards. The service, which will work both with iPhones and Apple’s new Watch, is backed by a host of big retailers, along with most major banks and credit card issuers, including Visa, MasterCard and American Express.
So-called contactless payment isn’t new. Starbucks, McDonald’s, PayPal, Google and Square offer their own services, but only a small portion of customers use them. Some experts believe Apple Pay —with its presence on millions of iPhones and its advanced security features— could be the service that leads to widespread adoption of the digital wallet.
Citi Investment Research analyst Mark May believes the sum total of mobile payments could grow from $1 billion in 2013 to $58.4 billion by 2017.
Payment digitization paints an enticing vision of shopping’s future: simply tap your device against a checkout screen and walk away with your new shoes…
On Tuesday, the company announced Apple Pay, a digital payment system that lets people pay for retail store purchases using their phones rather than cash or credit cards. The service, which will work both with iPhones and Apple’s new Watch, is backed by a host of big retailers, along with most major banks and credit card issuers, including Visa, MasterCard and American Express.
So-called contactless payment isn’t new. Starbucks, McDonald’s, PayPal, Google and Square offer their own services, but only a small portion of customers use them. Some experts believe Apple Pay —with its presence on millions of iPhones and its advanced security features— could be the service that leads to widespread adoption of the digital wallet.
Citi Investment Research analyst Mark May believes the sum total of mobile payments could grow from $1 billion in 2013 to $58.4 billion by 2017.
Payment digitization paints an enticing vision of shopping’s future: simply tap your device against a checkout screen and walk away with your new shoes…
