The move signals an increasing trend towards contactless payments. Canada has been adopting the mobile payment trend for the past few years, with major retailers such as Starbucks, Tim Hortons and McDonalds, as well as various gas stations and grocery stores, all letting you pay from your mobile device.
TELUS customers with the payment app and a CIBC credit card can now make purchases under $50 using their smartphones. The app currently runs on Android phones on the TELUS network. According to TELUS and CIBC, it’ll be available for download on BlackBerry devices later this month.
“Our clients have embraced mobile technology as part of their banking experience, and 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 counter,” commented Todd Roberts, senior VP, Payments Strategy and Innovation, CIBC.
Along with making it more convenient to buy your morning coffee, the new app builds up CIBC’s position in the mobile payments market. It also positions the two companies for future developments in mobile payments and wallets.
“This partnership with CIBC offers TELUS customers simple but powerful new ways to make everyday purchases,” said Drazen Lalovic, VP, market planning, TELUS. “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.”
The CIBC Mobile Payment App runs on all TELUS mobile devices with Near-Field Communications (NFC) capability. NFC is an emerging technology that enables devices to communicate and securely exchange information by being touched or waved past each other.
CIBC became the first bank in Canada to complete a credit card transaction using an NFC-enabled smartphone in November 2012. This latest app makes CIBC the only bank to offer a mobile payment app with two major carriers in Canada (Rogers and TELUS).
As of yesterday’s announcement, the payment app is available for download from Google Play for CIBC credit card clients.
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