Apple Pay has gained the support of three more major Canadian banks. BMO, Scotiabank, and TD have all now enabled support for the mPayment platform, rounding out Apple Pay’s support among the country’s leading banks.
The banks’ support comes only a few weeks after prominent Canadian banks RBC and CIBC announced their support for the mPayment platform, suggesting that these latest supporters perhaps felt competitive pressure to offer mPayment support. Like the major banks of Australia, Canada’s banks appear to have been hesitant to offer Apple Pay support over concerns about how the service could siphon revenues from fees or otherwise compete with their business models; and like the Australian case, their support has ultimately emerged months after Apple Pay launched with the exclusive support of American Express.
It’s the same strategy that Apple recently deployed in Singapore, whose major banks have also just announced Apple Pay support; and it suggests good reason for optimism on Apple’s part as the company seeks to aggressively expand the global reach of its pioneering mPayment platform. That could ultimately benefit other mPayment platforms like Samsung Pay, too, as more consumers around the world see major institutional support emerge for mobile payments.