TORONTO — All of Canada's five biggest banks are partnering with Apple Pay to bring the mobile payment systems to their customers, but rollout times vary between the institutions.
The mobile payment system allows customers to upload credit and debit card information to certain Apple devices and then use them to pay at merchants that are equipped to handle the technology.
Royal Bank (TSX:RY) and CIBC (TSX:CM) customers will be able to use Apple devices to pay for purchases, rather than physical Visa, MasterCard or Interac cards, starting today.
The service will be available to TD Bank (TSX:TD) customers in the coming weeks, while the Bank of Montreal (TSX:BMO) and Scotiabank (TSX:BNS) say they plan to launch the offering in the coming months.
Apple's tap-and-pay system was officially launched in Canada last November but without support from the big banks.
American Express was Apple Pay's original credit card partner in Canada along with several major retailers.