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Canadians get a mobile wallet of their own

Published

May 15, 2012

The mobile payment space is heating up in Canada. A day after Canadian banks released voluntary guidelines for mobile payment technologies, CIBC and Rogers Communications announced an agreement to launch Canada's first joint mobile payment solution. The solution will let Canadians use NFC-enabled devices to pay at the point of sale with CIBC credit cards.

The new NFC mobile solution is slated to launch later this year.

"As the leader in delivering mobile financial services innovations in Canada, we are pleased to introduce yet another innovation in the market that will shape the payments experience of the future," said CIBC SVP David Williamson. "By teaming with Rogers, CIBC clients will soon enjoy the convenience of paying at the checkout with their mobile device while enjoying the existing benefits of their CIBC credit card, including loyalty rewards."

According to the announcement, some features of the new NFC mobile wallet will include:

  • CIBC customers will have access to their existing CIBC credit cards, either Visa or MasterCard, at no extra charge.
  • Clients will have the same fraud protection as they enjoy on contactless credit card, along with additional  secure encryption technology.
  • The new payment method will use a mobile device's SIM card to store credit card credentials eliminating the need for stickers or add-on cases.

The companies said that when it launches, the new payment capability will be available on NFC-enabled BlackBerry smartphones on the Rogers wireless network, with additional devices coming out later.

Calling mobile payments a key growth area for Rogers Communcations, company president Rob Bruce said the announcement is an important first step toward the new world of mobile transactions.

"Canadians are embracing new technologies at an accelerated pace and we know they're interested in using their smartphone for mobile payments," said Bruce. "We've been laying the foundation for mobile commerce and the ecosystem is ready to give Canadians the convenience, security, and peace of mind they deserve," he said.

For more stories on this topic, visit the NFC/Contactless research center.