An announcement today came from banking giant CIBC and telco giant Rogers announced that they are teaming up to allow smartphone users to use their smartphones to pay for the stuff that you need:
CIBC and Rogers Communications today announced an agreement to launch Canada’s first joint mobile payment solution, allowing Canadians to pay with their CIBC credit card at the checkout counter using their Rogers “Near Field Communications” (NFC) enabled smartphone. Beginning later this year, customers will be able to use this payment capability at merchants across Canada where contactless credit card payments are accepted.
This announcement represents the first time a bank and a wireless carrier have joined forces to offer a commercially available mobile payments solution to Canadians that leverages the secure SIM card inside an NFC-enabled Rogers smartphone. This new solution aligns to guidelines announced yesterday by the Canadian Bankers Association for mobile payments in Canada, as well as those developed by respected international associations such as the GSM Association (GSMA), the association of mobile operators and related companies dedicated to standardizing and supporting GSM technology.
The key thing to note here is that you have to have a NFC or Near Field Communications chip on your smartphone. Currently not many smartphones have this chip. But ones that do are not far away. Here’s some of the features that you can expect once this service rolls out:
- Full access to a client’s existing CIBC credit cards on their smartphone at no extra cost – whether Visa or MasterCard – this gives clients the opportunity to earn loyalty points on purchases as they do today.
- Multiple layers of security – Paying with your NFC-enabled smartphone will be as secure as using your credit card today. Clients will receive the same fraud protection they do with their contactless credit card, and secure encryption technology will add to the layers of security already in place on credit card purchases. Clients will also have the option to set additional password protection.
- No “stickers” on your phone – this new payment capability will leverage the secure SIM card inside a mobile device for payments, meaning clients can manage their credit card credentials on a secure platform, and won’t need to worry about stickers attached to their phone.
Sounds sweet. I’d like to see what this looks like when it rolls out in Canada. It’s available now in other places in the world. If you’ve used a service like this elsewhere, please post a comment and share your experience.
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This entry was posted on May 15, 2012 at 9:20 pm and is filed under Commentary with tags CIBC, NFC, Rogers. You can follow any responses to this entry through the RSS 2.0 feed.
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Rogers And CIBC Team Up To Let You Pay With Your Smartphone…. If You Have The Right Phone
An announcement today came from banking giant CIBC and telco giant Rogers announced that they are teaming up to allow smartphone users to use their smartphones to pay for the stuff that you need:
CIBC and Rogers Communications today announced an agreement to launch Canada’s first joint mobile payment solution, allowing Canadians to pay with their CIBC credit card at the checkout counter using their Rogers “Near Field Communications” (NFC) enabled smartphone. Beginning later this year, customers will be able to use this payment capability at merchants across Canada where contactless credit card payments are accepted.
This announcement represents the first time a bank and a wireless carrier have joined forces to offer a commercially available mobile payments solution to Canadians that leverages the secure SIM card inside an NFC-enabled Rogers smartphone. This new solution aligns to guidelines announced yesterday by the Canadian Bankers Association for mobile payments in Canada, as well as those developed by respected international associations such as the GSM Association (GSMA), the association of mobile operators and related companies dedicated to standardizing and supporting GSM technology.
The key thing to note here is that you have to have a NFC or Near Field Communications chip on your smartphone. Currently not many smartphones have this chip. But ones that do are not far away. Here’s some of the features that you can expect once this service rolls out:
Sounds sweet. I’d like to see what this looks like when it rolls out in Canada. It’s available now in other places in the world. If you’ve used a service like this elsewhere, please post a comment and share your experience.
Share this:
Like this:
Related
This entry was posted on May 15, 2012 at 9:20 pm and is filed under Commentary with tags CIBC, NFC, Rogers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.