Bankers complain that Apple has a tight grip on mobile payments

it’s not like they [haven’t] fought to keep Canada a very heavily centralized oligopoly

The Canadian mobile wallet and payments market, valued at roughly US$1.39 billion in 2024, is projected to reach about US$20.48 billion by 2030, according to research firm MarkNtel Advisors. Bank of Canada data shows that among Canadians who pay with their phones, nearly 90 per cent use Apple Pay, Google Pay or Samsung Pay.

Around 2014, several banks, including RBC, Scotiabank and TD Bank, launched their own mobile wallets on Apple and Android devices. Almost all of these apps were ditched, with TD citing “growing popularity of other digital wallets” as a reason for the shutdown in 2022. Canadian banks got “innovated out of the space,” said Christie Christelis, president of market research company Technology Strategies International.

Source: The Logic vis Apple Stocks

NB: Having worked at a bank many years ago I would say …

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