Apple Pay launches in Canada with American Express


The move forward to a system redesigned for more efficient payment processing is in its infancy but inroads are being met. Today, Canada launched Apple Pay with American Express. Eventually, at a broader scale, it is anticipated that these payment systems that we will use with our phones will include more than just say one card carrier. However, things being as they are, the banks were bogging down Apple’s process in Canada and starting with American Express is certainly a prestigious way to start.

A New Modality is beginning to see the Light of Day

Appe pay

Our current system, based on the credit card/cash model has been with us for a number of years. Technology continues to enable advancements in the way we go about paying for goods and services but to date these changes have been subtle to almost imperceptible. There are better, more efficient and convenient methods to revamp our payment system that at one level could be seen as evolutionary (one step leads to another step) to somewhat revolutionary.

In the long term, economies of scale will dictate broader product groupings to make up the pay system of a vendor. For Apple pay in Canada, possibly the best way to get it off the ground is to work with Amex to deliver ultra modern, convenient services. In the long run though, likely you would want a product grouping to make up your payment system enhancing efficiencies.

So, to begin with American Express could be an extremely valuable partner to get your service up and running but eventually you would probably want to encourage customer choice of the products they would want to use in an electronic fashion. Regardless, I believe Apple pay along with that of the competitors is encouraging a very exciting time.

Apple Pay won’t be the only Game in Town


Although Apple pay will undoubtedly not be the only game in town, the Apple name adds tremendous credibility to such a service. Others can only benefit from Apple being one of the players in the electronic era of funds payment.

This is in no way to say the competition won’t have good products. However, it was noted early on that if you want success in this field, the Apple name is likely to bring it. The other players might provide just as good or better capabilities/function, but there is no denying that Apple’s name alone brings credibility fast.

Time as Luxury

Big ben

Unfortunately, with what we can call the current information revolution, time is taking a beating. The call for productivity and just to have some down time, something we all need, requires offsetting measures to free up time in an easy to use, efficient fashion.

As things balance out, time will get the respect it deserves. Apple pay is a means to an end. There will be tweaking of the model, potentially more security but hopefully more free time.

Some worry that these techniques encourage unsustainable spending and put us in the pressure of having too much debt. If anything though, the new payment systems are essential to our controlling our expenditures; our balance sheet so to speak. In this case, the positives outweigh the negatives as there is going to be fewer reasons for us not to know where our money is going.

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