National Bank announced this week that its Mastercard clients can now use Apple Pay.
“We’re very proud to add Apple Pay to our mobile payment solution,” said Lionel Pimpin, Senior Vice-President of Digital Channels at National Bank.
However, only transactions under $100 can be completed through a user’s iPhone.
“We know our clients will enjoy using Apple Pay as it makes transactions simple and secure,” added Pimpin. “It’s easy to track your daily expenses in real time.”
With Apple Pay, actual card numbers are not stored on the device or on Apple servers; instead, a unique Device Account Number is assigned and encrypted—and each transaction is authorized with a unique, one-time code.
Apple Pay was launched in 2014 and came to Canada in 2015, but adoption by Canadian financial institutions has been gradual. CEO Tim Cook says Apple Pay accounts for 75% of contactless payments made in the US.
Cook also announced this week that Apple Pay is expanding to more countries, including Denmark, Sweden, and Finland.