07 February 2016

CIBC teams with Telus on contactless mobile payments

04 February 2014  |  3620 views  |  0 NFC 2

As new research shows that Canadians just can't leave their smartphones alone, bank CIBC and telco Telus have teamed up to enable customers to make contactless payments with their handsets.

Canadians smartphone owners check their devices on average six times every hour, suggests a poll from Harris/Decima for CIBC. The young - 18 to 24 year olds - pull out their handsets 10 times every 60 minutes.

Another Harris/Decima poll recently found 68% of Canadians between ages 18-44 say they own a smartphone and 46% of these are interested in paying for everyday purchases using their smartphone.

Having already struck a similar deal with Rogers, CIBC is now partnering Telus to take advantage of this interest, offering customers the chance to pay with their constant companions.

Telus customers with NFC-enabled Android and BlackBerry handsets can download an app and use a CIBC credit card account to make mobile payments of up to $50 at contactless terminals at many of the most popular retailers in Canada.

"Our poll captures what we've all seen when we're out shopping, at the movies, or picking up a coffee - everyone seems to have their smartphone in hand wherever they are," says Todd Roberts, SVP, payments strategy and innovation, CIBC.

"With mobile payments now coming to a growing number of mobile devices, Canadians can go from reading a text in the checkout line to paying for their purchases, all without ever reaching for their wallet."

Last month another Canadian bank, RBC, launched its NFC mobile payments service. Unlike the CIBC offering though, RBC is storing sensitive user data in the cloud rather than the handset.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

07 November, 2013
18 July, 2013
10 May, 2013
03 January, 2013
02 November, 2012
15 May, 2012

Related company news


Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
10238 views comments | 47 tweets | 39 linkedin
Digital transformation driving earnings at...
8778 views comments | 42 tweets | 35 linkedin
ECB eyes up European P2P payments
7638 views comments | 28 tweets | 38 linkedin
Visa opens up to developers
6998 views comments | 23 tweets | 40 linkedin
It may take ten years, but blockchain tech...
6050 views comments | 20 tweets | 19 linkedin

Featured job

Find your next job