The company is in negotiations with Canada’s six biggest banks about a potential November launch of the service which would enable mobile payments for both credit and debit cards using iPhones and the forthcoming Apple Watch, those people said. The banks are open to an agreement, but they aren’t happy with Apple’s fee proposals and are concerned about security vulnerabilities like the ones that U.S. banks experienced as they rolled out the service, the people said.
The banks who are said to be in discussions with Apple include: Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada. Those banks make up 90% of retail banks in the country and would make Apple Pay available to nearly everyone.
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