The new Canadian smartphone based option will allow Visa cards to be used without near field communication.
TD Canada Trust, one of the largest Canadian banks, has now launched a mobile payments solution that allows shoppers to use their Visa cards through their smartphones in order to make a purchase, regardless of whether or not the device uses NFC technology.
This not only makes it possible for more device models to be compatible, but it also beats many tech giants to this market.
At the moment, Apple Pay, Samsung Pay and other top mobile payments services in the United States have yet to make their way into the Canadian space. This has allowed TD Canada Trust to make its way into this market and build its user base before the competition gets too fierce. Moreover, it has done so without the use of NFC technology, which has become the standard for many of the other popular mobile wallets, but that is not compatible with the majority of smartphones currently used in Canada.
The NFC technology free mobile payments app has now launched for the bank’s customers to use.
The TD Bank app has been updated so users with Android devices running 4.4 and higher will be able to add their TD Canada Trust issued Visa card and proceed to make mobile payments with their smartphones. Even without near field communication, the devices can be tapped against point of sale terminals in order to compete a purchase transaction.
This mobile app has managed to accomplish this goal through the use of Host Card Emulation (HCE), which removes the need for NFC SIM cards. It also meals that virtually any Android device (as long as it is running on 4.4 or newer and as long as it is running on any of the wireless networks within the country) will be compatible.
While this isn’t the first Canadian bank to implement this type option, absent of NFC technology, within its app – as the RBC Wallet for Android was launched several months ago – TD’s updated mobile app does represent a significant addition to the country’s mobile payments selection.
Square is coming to Australia
Square, a prominent mobile payments firm, has expanded into the Australian market. The company has made its payment service available in the United States, Canada, and Japan, where it has found significant success in the past. While considered successful, Square has been experiencing some turbulence in recent months, largely due to falling stock prospects and growing competition in the mobile commerce space. The growing demand for new payment services in Australia may secure a brighter future for Square if it manages to effectively connect with consumers.
Company has managed to find success by expanding access to mobile commerce among consumers
Square launched in 2009, receiving strong support from several technology companies and organizations interested in mobile payments. The company had developed an accessory for mobile devices that allowed iOS and Android devices to make mobile transactions, even if they were not equipped with NFC technology. This accessory earned Square early popularity among consumers and put the company in direct competition with others that had developed similar accessories for mobile devices.
Square will be offering different products in Australia than it does in the US
In Australia, Square will be selling its mobile card reader for $19. Merchants using Square’s mobile payments services will be charged 1.9% per transaction being made. This is somewhat different from what Square offers in the United States, where its mobile card reader is free, but merchants can purchase a full-sized point-of-sale system for $99. In the U.S., merchants are charged 2.75% per mobile transaction being made. Square has not yet announced plans to launch its new contactless payment reader in Australia, but may choose to do so in the future.
Company to compete with Apple in the Australian payments market
Australia is becoming a competitive mobile payments market, with several companies bringing their new payment platforms to the country. Recently, Apple released its payment service in Australia, which Square is set to compete with. Square may find a place in the market among small and medium sized retailers who want to engage mobile consumers more effectively, thereby securing a degree of success in Australia.
