Apple Pay keeps increasing its reach all over the world, albeit the expansion is going much slower than the technology giant would like. Canada is the latest country where Apple Pay is making some headway, as Scotiabank has finally launched the mobile payment solution for all of its customers.
One of the major drawbacks to Apple Pay is how usage of this mobile payment solution hinges on bank participation. If a user’s particular bank does not support Apple’s payment option, users will not be able to link their payment card to the platform. Scotiabank is breaking this stalemate in Canada, though, as they now allow credit card and debit card users to make mobile payments.
Scotiabank Executive VP Retail Payments Mike Henry stated:
“At Scotiabank, we are embracing a digital transformation and are committed to providing our customers with safe, secure and innovative financial tools and services that are tailored to their needs. We are delighted to add Apple Pay to our robust line-up of mobile payment solutions.”
What is worth noting is how Scotiabank users will receive the same number of loyalty rewards for Apple Pay transactions compared to regular payments. This is a significant move on behalf of the financial institution, as customers usually gain less or no rewards for trying out different payment methods.
There is no wait time for Scotiabank users to make use of Apple Pay, as the solution is available immediately. Adding the payment card to their Apple device is done in three steps, assuming they have the Wallet App installed already. Linking the card should be completed immediately, as the financial institution did not mention any waiting times or specific verification procedures.
While Apple users may rejoice at the news of Apple Pay being available to Scotiabank customers as of today, the solution is struggling to gain traction. Retailers need to upgrade their payment terminals to accept this payment method, and there seem to very few customers using Apple Pay right now.
Source: Finextra
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