BMO Bank of Montreal has formed an alliance with British m-banking outfit Monitise to develop new mobile money services.
Monitise says it will work with the bank across its smartphone applications, mobile web offerings and SMS services. The collaboration builds on an agreement formed in 2010 with Clairmail, the US-based mobile banking and payments provider acquired by Monitise in 2012.
Andrew Irvine, senior vice president, BMO Bank of Montreal, says: "With the size of the mobile money opportunity growing by the day, and the enhanced experience and convenience this channel provides to our customers, we plan to continue to build on our success in this area."
BMO rival CIBC in November carried out out the country's first NFC mobile credit card payment through an alliance with telco Rogers.
A CIBC-commissioned poll of 2026 people suggests smartphones are increasingly common in the country, owned by 44% of respondents, up from 33% in 2011. A third of these already bank through their handset.