In July 2013, the Royal Bank of Canada (RBC) had announced plans to launch an NFC based mobile payments service that stores customer’s card details in the cloud. Earlier this month we talked about the developments regarding the initative. On 21st January 2014, the bank followed through with their statement about the introduction of RBC Wallet – enables users to make payments at any location in Canada that is equipped with Interac Flash or Visa PayWave POS terminals.
The new service is available with Samsung Galaxy S4 or SIII on the Bell Network Mobility. Support for other devices is slated to be introduced during springtime. "When consumers download the RBC mobile banking application, they will be given the opportunity to enable their Wallet — an incredibly seamless process," said Linda Mantia, V.P of cards and payment solutions at RBC.
"There will be a Wallet option within the RBC mobile app. When the consumer clicks that, it will get loaded for them and once it's loaded, there will be a passcode that they enter at the point of sale and, when they want to make a transaction, they will tap or hover their device over the terminal," said Mantia. "What happens in the background is the data is transmitted, encrypted and decoded on the device at the point of sale but all of the consumer's real data is stored in servers that sit behind the RBC firewall," she added.
- The RBC Wallet offers added security and protection. The client’s payment information (including card details) is stored virtually within RBC Secure Cloud and not on his mobile.
- Payments made via RBC Wallet are protected by the RBC Online Banking Security Guarantee.
- The bank says that the RBC Wallet will be adding MasterCard and be available on more devices in the spring of 2014.
"Canada's largest bank and Canada's largest communications company have partnered to make your everyday purchases easier and more convenient with your smartphone," said Bell Mobility President, Wade Oosterman. "Bell is proud to partner with RBC to enable payments using the country's largest 4G mobile network and the latest smartphones, delivering the benefits of mobile commerce to Canadians everywhere."
We have seen in Canada and US that many Banks and telecom players have come together to provide payment services to their customers. 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. These type of developments should benefit the customers.