CIBC Rogers Mobile Payment
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 acrossCanadawhere contactless credit card payments are accepted.
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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-enabledRogerssmartphone. 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.
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Some of the key features of the new mobile payments solution include:
- 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.
This new CIBC mobile payments capability will be available on select BlackBerry smartphones on theRogerswireless network when the solution launches later this year, with additional device choices for clients available following launch.
MasterCard?s Mobile Payments Readiness Index ranksCanadaahead of theUnited Statesand second out of 34 countries.? A key finding emphasizes that partnerships among the key players in the mobile payments ecosystem ? financial institutions, payment networks, telcos, governments, technology providers ? are essential to accelerate the commercialization of mobile payments.
Today?s announcement builds on CIBC?s leadership position in delivering mobile innovations to clients. CIBC was the first bank in Canada to launch a mobile banking App in 2010, and more recently became the first bank in Canada to deliver an App that allows clients to trade stocks on their mobile device through the CIBC Mobile Brokerage App. The bank ?also offers the CIBC Home Advisor App, free to all Canadian homebuyers, giving them access to information about housing prices and other key neighbourhood data in an area they may be considering. CIBC was named ?Best in Mobile Banking? globally by Global Finance magazine in 2011.
In 2002,Rogerslaunched its GSM wireless network, and last year was the first carrier inCanadato launch LTE, bringing the largest and fastest network and a global wireless standard toCanada. Today?s announcement builds on this foundation of world-class networks,Rogershistory of innovation and mobile commerce expertise, specifically in the area of
?mobile proximity payments. Over the past six years,Rogershas worked with the GSM Association, including the ?Pay-buy-Mobile? initiative to get industry standard payment cards ? like MasterCard or Visa ? on industry standard GSM devices. In the past year, the GSM Association further namedRogersas one of many operators worldwide committed to SIM-based NFC solutions and services.
Filed Under: Rogers
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