21 October 2017

CIBC ditches NFC payments app

05 May 2017  |  6244 views  |  1 Dead end

Canadian Imperial Bank of Commerce (CIBC) has quietly pulled its SIM-based NFC mobile payments app from the Google Play Store, citing the popularity of alternatives from Samsung and Apple.

In a Canadian first, CIBC partnered telco Rogers to launch its NFC payments service for Blackberry handsets back in 2012, expanding to Android devices the following year.

However, it is now ceding the field to the tech giants. Last May it introduced support for Apple Pay and has also become, so far, the only one of Canada's big five banks to back Samsung Pay.

A spokesman told Mobile Syrup that the new options have "generated a strong, positive client response". This has led to the bank killing off its own app to "shift our focus on growing mobile payments in other areas".

KeywordsEFTPOS

Comments: (1)

A Finextra member
A Finextra member | 08 May, 2017, 12:58

Hats off to CIBC's bold move to stop wasting resources on a market unfounded hype just like Apple, Samsung et al Pay. Wish them success in finding their way towards solving client's painpoints!

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