Earlier this week, Apple announced its upcoming mobile payment solution, Apple Pay, rolling out in the U.S. this October.
Canada already has a fairly robust mobile payment ecosystem, though not all the participants play nicely together. We thought we’d round up a list of carriers, financial institutions and manufacturers working together on mobile payments.
The list below presumes you a few things:
- You have a Visa PayWave or MasterCard PayPass credit card issued from one of the participating banks or credit unions
- You have a secure SIM card purchased one of the participating carriers
- You have an NFC-compatible compatible Android or BlackBerry smartphone (see list below)
- You are shopping at a retail store with an NFC-compatible touchless payment terminal (ie. PayPass or PayWave support)
With this ecosystem in place, it seems possible that Apple Pay would eventually be integrated into the Canadian mobile banking ecosystem, though the institutions would have to cede some control to Apple. Apple Pay works outside of a bank’s traditional mobile app: if an iPhone 6 or 6 Plus is held up to a payment terminal at a participating merchant, the process begins automatically.
Here’s a video from iMore showing how Apple Pay uses NFC to detect proximity to a touchless payment terminal to automatically prompt users to authenticate using Touch ID to pay for items in-store.