In a report published by the Financial Post, Apple Pay is 'finally' coming to debit cards in Canada beginning Tuesday. Although, initially only the Royal Bank of Canada (RBC) and the Canadian Imperial Bank of Commerce (CIBC),
If your as excited as I am, you probably wondering when it will be available with the other five larger banking institutions? Well, according to Jennifer Bailey, Apple’s vice-president of Apple Pay, “every one of the Big Five, are bringing Apple Pay to their customers."
In addition to debit cards, the CIBC, and the RBC will also support their Mastercard, American Express, and VISA cards. Currently, you can only use Apple pay in Canada through Scotiabank's American Express card, which doesn't include debit purchases.
Apple's website is already showing participating Canadian banks as:
- American Express
- ATB Financial
- Canadian Tire
- Bank of Montreal
- TD Canada Trust
Current featured stores:
- Tim Hortons
- and more
Apple Pay was released June 8 of last year in Canada, and acts as a digital wallet for your cards. It allows the user to make payments using supported Apple devices.
How about security, you ask? Considering all the data breaches that have happened over the last few years from different companies, I do not blame you. However, your Apple Pay card details are never shared when you are using the device; they are not even stored on the device.
Currently, when you pay for something with your credit card, your card number triggers an exchange of information that shows your identity and the card information. With Apple Pay, a set of unique Device Account Numbers are used instead of your credit card numbers. These Device Account Numbers are encrypted and stored securely in a dedicated chip within your device. So when you make a payment with Apple pay, the credit card number is never transmitted with the payment - as an additional layer of security, Apple pay also requires you to use Touch ID (Apple's fingerprint scanner) or a passcode.
Another great feature about Apple Pay is that most of us at some point or anther, have lost or misplaced our debit cards and credit cards, and if you have tap and pay setup, someone can use your card without any issue; up to a certain amount in most cases. However, with Apple Pay, you can just place your device into Lost Mode from any computer; which will suspend Apple Pay until you get your phone back, or you wipe your device clean if you knew your phone was lost.
Apple Pay also allows you to store your boarding passes, tickets, and reward cards from your favorite merchants.