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First Reaction to Apple Pay in Canada Is Not a Good Sign for Visa and MasterCard

With an existing presence in the US and the UK, Apple Pay launched its service in Canada on November 17 and has been available for American Express cardholders for a little more than a week already.

Surprisingly, major Canadian banks said little or nothing about Apple Pay support prior to the launch, which could mean that Apple Inc. is paving its way to the market through the network owners rather than card issuers. Canadian banks are being cautious with Apple Pay since the fraud incidents and could require Apple Pay to embed secondary verification such as PIN before the cards can be used by customers. Apple Corp., known for being the evangelist of a seamless experience with no extra clicks may object to the requirement as it can complicate the payments process. Any secondary verification can also possibly increase the cost o ...

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