April 17, 2015: Last year when Apple unveiled their flagship smartphone iPhone 6 along with it's revamped iOS 8 platform loaded with new features, one feature which stands out the most was Apple Pay. The potential of allowing the users to use their credit and debit cards through their iPhones and Apple Watch attracted many attentions. Banks across the world warmed up to try their hands to make out a deal with the tech giant to avail their services for Apple Pay.
In Canada, six big banks too forming a consortium to deal with issues related to an upcoming launch of Apple Pay, which is scheduled in November, reports Wall Street Journal.
This form of payment is now considered a key source of technological disruption for traditional banks.
Royal Bank of Canada's chief, while addressing a New york audience recently told that this disruption indeed was a source of concern for the bank.
"The last thing anybody wants is to have someone between you and your customer, and that's what we now have in the payments space," he said.
"We are on a collision course with the Googles and the Apples of the world," he said. "Would you ever pick a fight with those types of companies? No, but we are on that course."
Source: TheGlobalAndMail.com, Image by 9to5Mac.com
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