BankTech

Bell follows the footsteps of Rogers, partnership with RBC Bank for mPayments

MEDICI

Lately we have seen that many Banks and telecom players have come together to provide payment services to their customers. In Canada we saw Telecom service provider Rogers Communication partnered with the Canadian Bank CIBC to help their customers (primarily credit card holders) to make NFC payments using the Smartphone. Rogers communication was the first Telecom service provider to provide its mobile payments service in Canada. Following the footsteps of Rogers Communication, Bell has done a partnership with Canadian Bank RBC to provide payment service in Canada.

Bell is Canada's largest telecommunications company has done a partnership with Canadian financial institution RBC to provide payment services across Canada. On May 2013 RBC and Bell, had announced plans of jointly introducing an NFC based payment service which became a reality now. Both are well respected players in their fields and have a large reach of audience in Canada, The launch of RBC wallet payment service will also help them in reaching out to a larger section of audience in Canada that was untapped for them.

rbc                  bell image

Benefit to customers

  • RBC customers will get NFC phone supplied by Bell.
  • This phone will allow the customers to store their debit or credit card details on their mobile phone.
  • Customers can now pay for any items at any location which supports Visa PayWave or Interac Flash with payments being limited to CAD 50.
  • Customers of RBC don’t need to download another application as it is only an update to the existing RBC android application.
  • It keeps the sensitive data of client in the cloud with the Bank, rather than keeping it on phone.

The service is currently available on Samsung’s high end smartphones like Galaxy S3 & Galaxy S4 which are NFC based phones and are Android Jelly Bean OS or higher. RBC supports Paywave technology which provides a contactless payment option to the customer to make the payments, without inserting their card into the terminal, or entering any Pin or signing up with their name.  By this the user can simply hold their card in front of a contactless card reader, which helps them in making transactions in less than a second.

Currently RBC is focused on NFC based services but they can also support technologies like QR codes for making payments. According to Dave Mckay Head of personal and Commercial Banking says “This is the first piece of broad RBC mobile commerce solution rolling out to clients this year, all delivering the great, robust user experience and the security that RBC is known for."

Bell and RBC is planning to expand their m-wallet service to the BlackberryZ10, Blackberry Q10, Bold 9900, Bold 9790, Curve 9360, and a range of Android devices from manufacturers such as Nokia, Sony, HTC and LG. It keeps the sensitive data of client in the cloud. It keeps the sensitive data of the client with the Bank, rather than keeping it on phone.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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