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TD and Google Pay - The last Hold Out
May 3, 2021
6:41 pm
KamWest
Toronto
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I have an MBNA World Elite Mastercard that I would love to use with google pay and I check every month but so far no luck.

We all know MBNA is TD bank so I don't know what the hold up is. All the major banks have joined google pay and even Royal Bank has finally jumped aboard.

Just cannot understand the holdup with TD and why they are refusing to accept the technology of mobile wallets.

May 4, 2021
1:05 am
Rick
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They have their own mobile app. Why share with Google/Apple

May 4, 2021
4:28 am
savemoresaveoften
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KamWest said
I have an MBNA World Elite Mastercard that I would love to use with google pay and I check every month but so far no luck.

We all know MBNA is TD bank so I don't know what the hold up is. All the major banks have joined google pay and even Royal Bank has finally jumped aboard.

Just cannot understand the holdup with TD and why they are refusing to accept the technology of mobile wallets.  

unable to agree on fee, it aint free...

May 4, 2021
4:55 am
KamWest
Toronto
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Rick said
They have their own mobile app. Why share with Google/Apple  

Because some people (myself included) no longer carry wallets. I keep my drivers license in the car with my insurance and have long since given up my traditional wallet.

In Ontario they just announced that health cards and drivers licenses will soon go digital as well.

For TD not to be with Apple Pay or Google Pay will hurt them in the end because I cannot select my MBNA card. Instead I select my PC Mastercard or Simplii Visa.

For my online purchases I use the MBNA card because it is accessible when I am at home. As more people drop their wallets TD will have no choice but to participate or lose those sales.

Even if I had a TD app to pay, chances of me opening anything other than Google Pay are slim to none because my rewards cards are all on there and I only have to open one app.

Example....

I buy Groceries and it scans my rewards card and without doing anything else a second tap pays the bill. One app two functions, so even if TD has an app it cannot do that.

May 4, 2021
6:29 am
Bud
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I don't trust Google n Apple they're thieves.

May 4, 2021
7:16 am
AltaRed
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deleted...link didn't work.

May 4, 2021
8:41 am
Norman1
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As Rick mentioned, TD has their own "TD Mobile Payment" service through their TD mobile app.

I doubt TD is losing much. If the rewards from the TD credit cards are compelling, people will use the TD app and cut Apple and Google out of the picture. It's not like their credit card usage will double if they agree to Apple Pay or Google Pay.

May 5, 2021
12:26 am
Rick
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Norman1 said
As Rick mentioned, TD has their own "TD Mobile Payment" service through their TD mobile app.

I doubt TD is losing much. If the rewards from the TD credit cards are compelling, people will use the TD app and cut Apple and Google out of the picture. It's not like their credit card usage will double if they agree to Apple Pay or Google Pay.  

They're probably not missing out much now. But as we all move more and more toward mobile payment, they might change their minds. I can see a day when they won't even issue cards, just give you your account number to enter into your phone. Last thing I need on my phone is another payment app to deal with. If they aren't on board, I just wouldn't even consider using their card.
Surprised they are willing to take on the expense and responsibility of releasing, maintaining and updating a proprietary app. Eventually, they will feel it.

May 5, 2021
10:44 pm
Norman1
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I wouldn't be so sure about that.

Apple is rumored to be charging the Canadian banks 0.04% to 0.14% for Apple Pay. Visa Canada interchange is around 1% to 1¼% for an electronic charge on a standard Visa card. Apple's charge amounts to a 4% to 14% cut of that.

I doubt the small part of the TD app that does the mobile payment costs TD 4% to 14% of their Visa card interchange. The cost is likely much less than that of the physical card where TD has to not only pay for software but also for the colored plastic card and chip.

In business, it can be more profitable to lose some customers instead. For example, it is more profitable to lose a few deposits to EQ Bank and let EQ Bank pay 1¼% for those deposits while continuing to pay 0.10% on the remaining deposits.

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