Paying for stuff via data hosted on our smartphones feels cutting-edge. It's so modern still that adoption is still niche, that the idea of it, while well known, would be considered mainstream by few.
But that isn't stopping the Royal Bank of Canada from launching the next type of mobile payments. Instead of storing payment data on a mobile device, RBC has developed a technology that safely and securely stores said data in the cloud. The bank says this is a "safer, faster, more flexible solution" than traditional mobile payments.
"We have designed a mobile payment solution that offers a better client experience and increased security than has been previously available, while meeting industry standards," said Linda Mantia, executive vice-president, Cards and Payment Solutions, RBC. "The result is a solution that offers benefits and options to everyone in the payment ecosystem."
RBC notes that with Secure Cloud, the financial institution assumes the security burden, since sensitive client data remains with the bank, as opposed to keeping it on the phone, as is the case with other models.
"We understand the importance of security to our clients and make safeguarding their personal information our highest priority," said Paul Gerics, vice-president, Information Security at RBC. "RBC Secure Cloud is being built with the highest security standards in mind. We employ a diverse range of technologies and security mechanisms to help ensure the safety, confidentiality and integrity of our client's information and transactions."
Best of all, this cloud-based mobile payment system isn't reliant on near field communication technology—it's also compatible with barcodes, QR codes, and other standards. RBC says it also allows for offline transactions.