TORONTO – Canada’s five biggest banks all announced Tuesday that they are partnering with Apple Pay to bring the mobile payment system to their customers. Here is what you need to know:
When will the service be available?
That depends on who you bank with. Royal Bank and CIBC customers can start using Apple Pay with their credit and debit cards immediately, while TD Bank, Bank of Montreal and Scotiabank clients will have to wait several weeks or months. Those who have MasterCards from Canadian Tire Bank and ATB Financial can also now use Apple Pay.
How does it work?
Customers load eligible credit or debit cards into a smartphone. At checkout, the customer holds the device close to the merchant’s contactless reader while putting his or her finger on the touch ID fingerprint scanner to authenticate the transaction.
What devices does it work with?
Apple Pay only works with newer devices such as the iPhone 6 or later models, or the Apple Watch when paired with an iPhone 5.
Is there a limit to how big of a purchase you can make?
For now, customers can only pay for purchases worth $100 or less using Apple Pay, although industry insiders say that could change in the future.
What security features are in place?
When a credit or debit card is loaded into the app, a randomly generated number called a token is stored instead of the real card number. That way, hackers can’t steal the card number out of the device.
Note to readers: This is a corrected story. A previous version had a redundant reference to CIBC and omitted Scotiabank’s plans for Apple Pay.