Tag: cibc

NFC technology for mobile payments expanding in Canada

CIBC has announced its expansion of the smartphone transactions for credit card holders.

Major Canadian bank, CIBC, has now partnered with a second large wireless carrier in the country in order to be able to broaden the availability of its mobile payments services to its customers who have NFC technology enabled smartphones.CIBC - NFC Technology

CIBC and Telus have now announced a new partnership and mobile payments app.

This partnership has brought about a new app that will allow certain models of smartphones with NFC technology that run on the Telus network to be able to be used for making credit card purchases for items costing up to $50. These small purchase include anything from groceries to gas.

CIBC already has an established partnership with Rogers for NFC technology based smartphone payments.

Rogers is one of the largest wireless providers in Canada. That company started its mobile payments partnership in 2012. Customers of both of those companies can use their mobile devices at Canadian “tap and pay” terminals. According to the CIBC senior vice president of payments strategy and innovation, Todd Roberts, “In the next two years, by and large, you will have every bank and every major telco providing the service to clients.”

Roberts explained that he feels that this technology will become just as common as telephone banking and ATMs. He said that when this happens, “we will treat this as an everyday part of our lives.”

In order to encourage mobile payments to spread more broadly, smartphones would have to be enabled with near field communication tech. This makes it possible for the terminals to read the necessary verification data from the mobile devices so that small credit card purchases can be made. At the moment, to use this service, the credit card must have been issued by CIBC and they must have their wireless service through Rogers or Telus. In the future, the bank expects that a partnership may also be possible with Bell, one of the largest wireless providers in the country.

The more wireless carriers there are in partnership with CIBC for NFC technology based mobile payments, the better the chances that a credit card customer will be able to actually use these services.

CIBC Mobile Payment App launched in Canada


CIBC Mobile Payment App breathes life into Canadian mobile commerce

Rogers Communication, one of the largNFC Technology for mobile payment industryest communications companies in Canada, has teamed with the Canadian Imperial Bank of Commerce (CIBC) to introduce a new mobile commerce platform to consumers in Canada. Early this month, the two parties revealed the new CIBC Mobile Payment App, which can be used to make purchases for goods and services. The first payment using the new mobile wallet was made by Olympic gold medalist Simon Whitfield, who purchased a coffee at a Tim Hortons shop.

Mobile commerce beginning to gain ground in Canada

The CIBC Mobile Payment App is meant to expand mobile commerce throughout Canada. Consumers have been growing more interested in the concept of making payments for goods and services using nothing more than their mobile device. As such, the CIBC has been growing more accommodating to this demand, looking for ways to enable consumers to do what they want. In teaming with Rogers, the CIBC has taken the first step toward making mobile commerce a larger part of the Canadian economy.

App available only to those with NFC-enabled devices

As with other applications of this kind, the CIBC Mobile Payment App can only be used with smart phones and other mobile devices that are equipped with NFC technology. This immediately reduces the reach of the platform to a niche market. The availability of NFC-enabled devices is currently low, with the recently released Samsung Galaxy S III being the most popular of these devices currently on the market. Telecommunications companies have been working to boost the availability of NFC-enabled devices, but consumers have yet to show their full support of NFC technology.

Consumers leery of NFC technology

Many consumers are supportive of the concept of mobile commerce, but NFC technology has had a less welcoming reception. Concerns regarding the security of NFC technology have made consumers leery and disinclined to support its use in mobile commerce. If the CIBC and Rogers can deliver a pleasurable experience with the CIBC Mobile Payment App, the duo may be able to placate some of these concerns and get consumers to accept NFC technology.