We’ve seen a huge shift in how Canadians pay for things over the past few years.
Unless you work in the service industry, you rarely see people with cash.
And now it appears that credit and debit cards are going to become less popular as the latest tech innovation pushes them towards obsoleteness.
You can expect to see a lot more Canadians whipping out their iPhones at checkouts, as Apple Pay officially launches at all five major Canadian banks.
As of today, Scotiabank, BMO, TD cardholders are able to add their debit and credit cards to their digital wallet to pay for things through their iPhone or Apple Watch.
Apple’s tap-and-pay system was first available South of the Border in 2014 and was introduced to Canadians this past fall, albeit only to those using American Express. The service finally took off this spring when CIBC and RBC launched in May.
Before the major rollout could take place, Apple had to get Interac, Canada’s domestic debit network, on board. Without Interac, the service would have been limited to only credit cards.
According to Interac, Canadians are among the highest debit users in the world – 16 million times daily on average.
As if we weren’t already obsessed enough with our iPhones.