Yesterday, Apple Pay launched in Canada via American Express. One of the things that I mentioned is that very few people have an AMEX card which may limit the appeal of Apple Pay. There’s also the fact that that some of the six major banks have their own mobile payment system that has shut out Apple Pay called SureTap. But I think at the end of the day, the big six banks will have to jump on the Apple Pay bandwagon. Here’s why:
- ComScore’s recent 2015 Canada Digital Future in Focus report noted 38 percent of smartphone users in Canada are running iOS. The banks can’t ignore that many potential customers. So they’ll have to either adapt SureTap to have it work with iOS as it only supports Android and BlackBerry at the moment …. Which by the way won’t happen because they will need Apple’s help which won’t be coming, ever. Which in turn leaves them with no choice to get on board with Apple Pay.
- Moneris Solutions who is the biggest credit and debit card processor in the country supports Apple Pay. Since their terminals are in a lot of retail locations in Canada, as in several hundred thousand retail locations, those retailers will put pressure on the six major banks to support Apple Pay when their customers put pressure on them to support Apple Pay.
- Apple fans who really want Apple Pay may switch to AMEX to be able to use Apple Pay. Now you’re likely saying “are you serious?”, but consider this. Apple fans are the one group of humans who would do exactly that. And AMEX’s uptake is something around 5% in Canada at the moment. Thus any sort of adoption by Apple fans would be significant because AMEX has nowhere to go but up. If that happens, the big six banks will have to make the jump to Apple Pay to stop customers from defecting to AMEX.
- Customers are starting (to borrow a hockey term) “chirp” at the major banks for Apple Pay support. Just do a search of of Twitter mentions of the six major banks and you’ll see examples like this:
https://twitter.com/stevehale70/status/663529709574029312
That doesn’t count the negative stories from the media. But these days, negative press from social media means a lot. Thus the big six banks can’t ignore the fact that they are on the wrong side of this.
Take it from me, Apple Pay will be adopted in the end by the six major banks. They simply won’t have a choice. If I were a betting man, I’d say it will come within the next six months to a big six bank near you.
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This entry was posted on November 18, 2015 at 7:01 am and is filed under Commentary with tags Apple, Canada. You can follow any responses to this entry through the RSS 2.0 feed.
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Why Apple Pay Will Force Canadian Banks To Jump On Board
Yesterday, Apple Pay launched in Canada via American Express. One of the things that I mentioned is that very few people have an AMEX card which may limit the appeal of Apple Pay. There’s also the fact that that some of the six major banks have their own mobile payment system that has shut out Apple Pay called SureTap. But I think at the end of the day, the big six banks will have to jump on the Apple Pay bandwagon. Here’s why:
https://twitter.com/stevehale70/status/663529709574029312
That doesn’t count the negative stories from the media. But these days, negative press from social media means a lot. Thus the big six banks can’t ignore the fact that they are on the wrong side of this.
Take it from me, Apple Pay will be adopted in the end by the six major banks. They simply won’t have a choice. If I were a betting man, I’d say it will come within the next six months to a big six bank near you.
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This entry was posted on November 18, 2015 at 7:01 am and is filed under Commentary with tags Apple, Canada. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.