Canadian Imperial Bank of Commerce (CBIC) and Rogers Communications announced just yesterday an agreement to launch Canadaâ€™s first joint mobile payment solution.
This solution will allow Canadians to pay with their CIBC credit card at the checkout counter using Rogers Near Field Communications (NFC) enabled smartphones.
What does this mean?
In the near future you can expect to be able to use this form of payment at merchants across Canada where contactless credit card payments are accepted.
This is the first time a bank and a wireless carrier have joined together to offer a commercially available mobile payments solution, which leverages the SIM card in a Rogerâ€™s smartphone that is in a NFC enabled device.
This new solution is in alignment with the guidelines with the Canadian Bankers Association for mobile payments in Canada.
What will this new mobile payments solution offer?
This new mobile payment solution will offer a variety of features that will make it worthwhile having on your smartphone. Some of the key features include:
- Full access to a clientsâ€™ existing CIBC credit cards on their smartphone at no extra cost. It does not matter if your credit card is Visa or MasterCard; you earn your loyalty points on purchases as you usually do
- There are Multiple layers of security. By paying with an NFC enabled smartphone you will be as secure if you were using your credit card.
- The fraud protection included is the same as if your credit card were being used on a contactless credit cards
- There is also an option of having an additional set of password protection
- There are no stickers needed to be placed on your smartphone.
Ultimately, this new feature leverages the SIM card inside your mobile device for payments. You will be able to manage their credit card credentials on a secure platform and not worry about losing stickers attached to your phone.
This is a great announcement, and I for one cannot wait to see it be launched.
What do you think of this joint mobile payment solution?