Published By : 29 Oct 2015 | Published By : QYRESEARCH
The global mobile banking market is expanding at a fast rate. Mobile banking is one of the disruptive technologies that has now impacted the physical branch count in many countries. A growing number of users are migrating towards mobile banking. This has prompted banks in the U.S. and other countries to close down many of their physical branches. This trend was prominent in the North America region, particularly in the U.S., but now is also being increasingly adopted in Canada and other countries in North America.
Apple Pay is a type of mobile payment system that also works as a digital wallet service. This app is from Apple Inc. and allows users to make payments using their iPhones. Furthermore, this app is also compatible with other wearable devices such as Apple Watch and other handheld devices such as iPads. Recently, Apple announced that it will be expanding its reach to Canada as a part of their global rollout. Nevertheless, the service is going to be limited to American Express cardholders, as the Canadian banks are not part of the main branch.
According to Tim Cook, the CEO of Apple, Apple Pay will be available only to eligible customers of American Express in Canada and Australia this year and soon will reach to other countries such as Spain, Hong Kong, and Singapore.
Apple Pay is a service that lets the owners of iPhone and related devices to make purchase with their devices at merchant terminals that are equipped with near field communication capabilities. Around 85% of these terminals are in Canada are updated with the latest technology. However, Apple Pay is not the first mobile payments service that is available to Canadians. Many big banks in Canada already have their own payment services that are restricted to BlackBerry and Android phones and related devices