Apple Pay, Apple’s mobile payment system, has yet to launch in Canada and there is still no confirmed date for its arrival.
But according to analyst Meny Grauman at Cormark Securities, when it does launch in Canada it will reportedly have an “immaterial” impact on the Canadian financial institutions’ earnings. In a report in The Globe and Mail, Grauman said, “Even at a 25 per cent adoption rate, which is a very tall order, the EPS impact on the large Canadian banks would still be immaterial to overall earnings.” The same can likely be said for the current crop of mobile payment systems, limited to just a few models of Android and BlackBerry.
Previous reports by the Wall Street Journal indicated that Apple will bring Apple Pay to Canada sometime this fall and have support from RBC, TD Canada Trust, Bank of Nova Scotia, BMO, and CIBC.
Apple Pay is currently available in the United States and has reportedly captured 1 per cent of the mobile payments processing market. When Apple Pay is used, Apple charges 15 basis points per credit card transaction and 0.05 per cent per debit card transaction. Apple will also be rolling out Apple Pay in the United Kingdom in the coming days.
Source: The Globe and Mail