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You might have come across the term Apple Pay, but what exactly is it? Apple Pay is a form of payment designed by Apple for its mobile device users. The convenience, ease of use and secureness of Apple Pay has made it a popular payment choice among many Canadians. To learn more about Apple Pay, how it works, where you can use it in Canada, and the pros and cons, continue reading below.
Apple Pay is a payment method available on any Apple mobile devices through the Wallet app. Apple Pay is an alternative to using debit and credit card tap functions, it uses your mobile device instead.
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Apple Pay has become an extremely versatile form of payment in Canada. You can use Apple Pay to make purchases in the following ways:
Apple Pay uses Near Field Communication (NFC) technology, iOS 11, and the Wallet app to complete payments. The function also requires that the card issuer is supported by Apple Pay. When you add a card to the Wallet app, Apple reaches out to the card issuer and requests a digital payment card number that is specific to you and your device. Once the card is added to your Wallet, you can begin to make payments.
Every time you use Apple Pay in-store, you will need to enter your passcode or use Touch ID for security purposes, then you bring your phone close to the tap machine to complete payment. If you’re using Apple Pay on an app, online or through iMessage, the total amount to process will appear and you can select the card you’d like to complete the purchase with all within your phone screen. More than one card can be added to the Wallet app, but there will be a default card that will always automatically pop up when you want to pay for something.
Using Apple Pay through iMessage allows you to pay someone using your debit or credit card. When that person deposits the money you sent through iMessage, it goes into something called Apple Pay Cash. The balance in Apple Pay Cash can be used to make purchases, send money to someone through iMessage or deposited to your bank account. Essentially, Apple Pay Cash is sort of like a prepaid credit card in your Wallet app.
Apple Pay is offered by many banks in Canada meaning that not many will be left out. In Canada, the following banks offer Apple Pay (in alphabetical order):
Apple Pay has become quite popular ever since Apple introduced it and there are some clear reasons as to why. Below are the benefits of using Apple Pay.
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Unfortunately, nothing in this world has only benefits and no drawbacks, even though we’d want it to be that way at times. Let’s explore the drawbacks of Apple Pay below.
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Yes, Apple Pay is safe. Apple has designed tactics to securely store your card information to prevent hackers from accessing it. In addition, Apple has stated that they do not store your transaction and card information on their servers. They’re also working with banks to ensure that your financial information stays confidential.
Apple Pay is a convenient, easy to use and secure form of payment used by many Canadians. To accommodate for the drawbacks, many Canadians use Apple Pay in conjunction with other forms of payment. Setting it up on your phone only takes a few minutes and can help you avoid real wallet hassles.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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