CIBC and Rogers Communications unveiled Canada's first secure mobile payment solution on May 15th.
Canadians will soon be able to pay for goods and services by simply tapping their smartphone at the checkout counter.
In this particular case, your NFC-enabled (near field communications) Rogers smartphone would contain your CIBC financial information on a secure SIM card to enable the transaction.
When the system is up and ready later this year, only NFC-enabled BlackBerry smartphones will be able to use the service, including the Bold 9900, Bold 9790 and Curve 9360. There is an aggressive timetable to enable other smartphones and devices, as you'd expect.
CIBC said the new service would come at no cost to customers. Rogers, however, will pay the bank a flat fee per credential added to its SIM cards.
Those concerned with the security for mobile wallets, should know that on May 14th the Canadian Bankers Association with the country's leading financial institutions issued guidelines and principles operating on the same security standards used by chip-enabled credit and debit cards and existing wireless point-of-sale terminals at retailers.
Similar announcements on the mobile payment front will be forthcoming as Bell Canada, TELUS and the Royal Bank of Canada will soon finalize their products.
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