Moneris welcomes Apple Pay to Canada

And of course, it goes without saying that each of the Big Four US carriers supports Apple Pay which gives the company more room to expand.

Let’s dive in to see a few additional details regarding Apple Pay and what are a few major outlets that support it.

Apple Pay has launched in Canada for users with an American Express credit card.

Thereafter, every time the customer makes a payment using Apple Pay, a one-time unique dynamic security code is generated for use instead of the security code at the back of the payment card.

Initially, the service will be exclusively available to American Express account holders. Only American Express cards issued by Amex Bank of Canada can be activated for use with Apple Pay in Canada. Apple devices make full use of Near Field Communication (NFC) technology to enable contactless payments.

Canadians interested in trying Apple Pay should now be able to do so within the Wallet app on iPhones running iOS 9.1. The company said that it is bringing its partnership with American Express to the service’s upcoming launch in Australia, Spain, Singapore and Hong Kong. NFC transfers encrypted data to the merchants’ terminals and keeps a record on the Apple Pay app. “Apple Pay is coming to Canada and in working with Moneris, we will be able to accept that payment method in store as soon as it’s available”.

According to media reports, Apple charges a 0.15 per cent fee in the United States and a lower fee in the United Kingdom, where European Union rules put much lower limits on transaction fees. That number is going to exceed 1.5 million by the end of the year. Earlier, Apple said Starbucks will conduct a pilot this year, with a broader rollout next year, while KFC will launch next spring.

Apple Pay has been steadily gaining traction, with retailers and other service providers increasingly adopting the technology. Other US restaurants, she said, will embrace portable card machines. The limited presence of American Express in Canada, and the 2% of Canadian users who carry out transactions through the cards, is not a very encouraging situation.