The announcement represents the first time a bank and a wireless carrier have joined forces to offer a mobile payments service to Canadians that uses the secure SIM card inside an NFC-enabled Rogers smartphone.

The mobile payments capability will be available on select BlackBerry smartphones on the Rogers wireless network when the service launches later this year, with additional device choices for clients available following launch says the bank.

David Williamson, senior executive vice president, retail and business banking, CIBC, says: "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."

News of the venture comes a day after the Canadian Bankers Association released a set of guidelines for the development of mobile payments at the point-of-sale in Canada.