How convenient would it be to use your mobile phone to pay for purchases with a quick and simple tap at the register? With Apple Pay, you can do just that. Read on to find out more about Apple Pay, how it works, and where you can use it in Canada.
Key Takeaways
| What is it? | Apple Pay is a mobile payment and digital wallet service by Apple. |
| What can you use it fot? | Apple Pay allows you to make secure, contactless purchases using your iPhone, iPad, Apple Watch, or Mac |
| Where can you use it? | You can use Apple Pay online or in-person with most vendors. |
Does Apple Pay Work In Canada?
Apple Pay is available in Canada. It is compatible with most credit and debit cards from major banks including:
- CIBC
- Bank of Montreal
- TD Bank
- Tangerine
- NEO
- Royal Bank of Canada
- Scotiabank
- Desjardins
- Koho Financial Inc.
- MBNA
What Is Apple Pay?
Apple Pay is a mobile payment method available on any Apple mobile device through the Wallet app. It’s an alternative to using debit and credit card tap functions and uses your mobile device instead.
How Can You Use Apple Pay In Canada?
Apple Pay has become an extremely versatile form of payment in Canada. You can use Apple Pay to make purchases in the following ways:
- In-Store: Apple Pay is widely accepted at many retailers, including grocery stores, clothing stores, and drug stores. Simply tap your mobile device near the payment terminal to facilitate the transaction.
- Online And In-App: You can use Apple Pay to make purchases on websites and in apps that support the payment platform.
Which Banks Offer Apple Pay In Canada?
Apple Pay is offered by 116 banks and financial institutions in Canada meaning that not many will be left out. Here are some of the most popular in Canada:
- ATB
- Bank of Montreal
- Brim Financial, Inc.
- Canadian Tire (Mastercard credit cards)
- CIBC
- Citibank (Canada)
- Coast Capital Savings Credit Union
- Coastal Financial Credit Union
- Desjardins
- Digital Commerce Bank
- Dominion Credit Union
- Fusion Credit Union
- HSBC (Mastercard credit cards)
- Koho Financial Inc.
- MBNA
- National Bank of Canada
- Neo
- Newfoundland and Labrador Credit Union
- Northern Savings Credit Union
- Peoples Trust Company
- President’s Choice
For the full list visit Apple.com
How Does Apple Pay Work?
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.
To start using Apple Pay, follow these steps:
Step 1: Add A Card To Your Wallet App
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. 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. Once the card is added to your Wallet, you can begin to make payments.
Step 2: Enter Your Passcode
Every time you use Apple Pay in-store, you will need to enter your passcode or use Touch ID for security purposes.
Step 3: Tap Your Device
Once you’ve entered the appropriate information into your mobile device, you’ll 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 within your phone screen.
What Is Apple Pay Cash?
Essentially, Apple Pay Cash is sort of like a prepaid credit card in your Wallet app. 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 deposit into your bank account.
Apple Pay Cash Features
Apple Pay Cash offers the following features:
- Peer-To-Peer Payments: Send and receive money to and from friends and family through iMessage. You can easily request money or send cash directly in a text conversation.
- Virtual Debit Card: With Apple Pay Cash, a virtual debit card is created in your Apple Wallet. You can use this card to make purchases online or in person, much like with a regular debit card.
- Instant Transfers: Money sent through Apple Pay Cash can be instantly transferred to your bank account.
- No Fees For Most Transactions: Sending money to friends or family is generally free when you use a linked bank account or debit card. That said, there may be fees for instant bank account transfers or for using a credit card.
Benefits Of Using Apple Pay
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:
- No Need For An Actual Wallet. With your Wallet on your phone, there’s no need to carry around a physical wallet.
- User-Friendly. Apple Pay is very easy to use, making it a simple form of payment.
- Free To Use. Given that you already have an Apple device, using Apple Pay is completely free. In addition, the internet is not needed to complete purchases, so you won’t rack up data.
- Less Theft. Even if someone stole your phone, they would need to know your passcode or have your Touch ID to use your Wallet. Cards and cash can easily be stolen and used to make fraudulent purchases.
Drawbacks Of Using Apple Pay
Let’s explore the drawbacks of Apple Pay:
- Encourages More Spending. Apple Pay makes paying for goods and services easier than ever. In some ways this is fantastic, but it can encourage more spending when compared to those who opt for cold hard cash or card.
- Not International Yet. Apple Pay is widely accepted in Canada and the USA, but it’s not yet available in all countries. Unfortunately, if you’re travelling abroad, you might not be able to rely on Apple Pay for purchases, depending on where you are.
- May Not Be Entirely Reliable. In the event that your phone dies or a vendor doesn’t accept Apple Pay, you might be in a sticky situation without your real wallet.
Is Apple Pay Safe?
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.
Final Thoughts
Apple Pay is a convenient, easy-to-use and secure form of payment. Simply tap at the point-of-sale, and you’re good to go. Setting it up on your phone only takes a few minutes and can help you avoid real wallet hassles.
