The Financial Post reports in its Saturday, April 25, edition that Canada's Big Five banks are a powerful group, something Apple should be mindful of as it begins to implement its smart phone payment technology, Apple Pay. The Post's Barbara Shecter writes that the big banks and Apple are on a "collision course" as they work toward giving customers a coveted cashless and cardless "mobile wallet," says Royal Bank of Canada chief executive officer Dave McKay. Barclays Capital analyst John Aiken says, "Canada is a bit (of a) different dynamic than in the U.S. -- given the oligopoly in Canada." Ms. Shecter says Apple has a powerful bargaining chip wherever it goes with its sweeping global brand power and embrace of products like the iPhone and Apple Watch. Canadian Imperial Bank of Commerce and Bank of Nova Scotia jumped aboard Thursday to ensure their mobile banking apps are available to wearers of the new watch. But rather than fall in line with established deals struck south of the border, the domestic power wielded by the small group of big Canadian banks has enabled them to cut their own deals in negotiations with large multinational players in the payments sector, says former CIBC executive Rob Waite.