On 21st January 2014, the Royal Bank of Canada introduced the RBC Wallet – enables users to make payments at any location in Canada that is equipped with Interac Flash or Visa PayWave POS terminals. Now another Canadian bank – CIBC – has partnered with mobile network operator Telus to bring about a new mobile payments app.
The new mobile app will enable some models of smartphone that run on the Telus network to make payments upto $100 using credit card. These small purchases can accommodate items such as gas, groceries etc. CIBC already has a prior partnership with Rogers Communication for NFC based virtual wallet.
CIBC Mobile Payment App is available today for CIBC credit card holders with a Galaxy S III, Samsung Galaxy S4, HTC One and Galaxy Note II NFC smartphones from Telus. BlackBerry Z10, Q10 and Bold 9900 NFC phone owners will also be able to use the service by the end of February.
"Our clients have embraced mobile technology as part of their banking experience. We believe 2014 will be a year of significant growth for mobile payments as more Canadians start reaching for their phone instead of their wallet at the checkout," said CIBC’s Sr V.P of payments strategy and innovation, Todd Roberts.
About the App:
- All your mobile purchases are tracked on your CIBC credit card statement, so it’s easy to keep an eye on your spending.
- If you have a CIBC rewards credit card, the more you use the App for your purchases, the more rewards you'll earn.
- The CIBC Mobile Payment App is accepted at thousands of locations across Canada, the United States and overseas. Any terminal that accepts VISA payWave® or MasterCard PayPass™ will also support transactions with the Mobile Payment App.
- Additionally, you can Get a $25 Credit if you download the App and register by March 31, 2014.
"This partnership with CIBC offers TELUS customers simple but powerful new ways to make everyday purchases," said Telus’ V.P of Market Planning, Drazen Lalovic. "Our customers have told us they want an easy-to-use and secure way to pay using their mobile devices and today's announcement is another step towards enhancing their mobile experience,” he added.