Yesterday, we reported on news that Canada's banking industry was moving forward with a plan to transform smartphones into wallets. Just one day later, Rogers and CIBC have revealed a partnership.
CIBC customers whose smartphones run on the Rogers wireless network will be able to pay for goods at retailers with their smartphone instead of credit or debit cards. Data for MasterCard and Visa charge cards can be loaded onto the mobile devices, which will send a signal to a small receiver near the cash register at participating retailers.
Small payments will be processed instantly. Payments exceeding $50 will require the customer to enter their personal security code.
Neither the bank nor the telecom offered a launch date for the technology. They simply stated that the technology "will be available on select BlackBerry smartphones on the Rogers wireless network when the solution launches later this year, with additional device choices for clients available following launch."
"As the leader in delivering mobile financial services innovations in Canada, we are pleased to introduce yet another innovation in the market that will shape the payments experience of the future," commented David Williamson, Senior Executive Vice President, Retail and Business Banking, CIBC. "By teaming with Rogers, CIBC clients will soon enjoy the convenience of paying at the checkout with their mobile device while enjoying the existing benefits of their CIBC credit card, including loyalty rewards."
"Canadians are embracing new technologies at an accelerated pace and we know they're interested in using their smartphone for mobile payments," said Rob Bruce, President of Communications, Rogers Communications. "We've been laying the foundation for mobile commerce and the ecosystem is ready to give Canadians the convenience, security, and peace of mind they deserve. Today's announcement with CIBC represents an important first step toward a whole new world of mobile transactions which is a key growth area for the company."
Better hurry up, Google Wallet—you're letting Rogers outfox you.