With the introduction of mobile payments by MTS and SaskTel, customers of these provincial telecommunications companies can now pay with their phone.
TD is the first financial institution to offer this service to MTS and SaskTel customers. Five mobile networks now provide Canadians with the ability to pay for purchases with a tap of their mobile device.
SaskTel and MTS are enabling mobile payments through EnStream. EnStream's platform acts as a hub, connecting multiple Canadian banks and mobile network operators. EnStream's platform securely delivers the credit, debit and pre-paid cards offered by financial institutions to wireless handsets while preserving each bank's direct relationship with their customers through their own banking and payment applications.
"Once SaskTel and MTS were connected to our platform, it was relatively easy for an EnStream connected bank, like TD, to extend service to the customers of SaskTel and MTS," commented Almis Ledas COO of EnStream. Other banks are coming soon.
Mobile payments are now supported by Bell, Rogers, TELUS, MTS and SaskTel, who collectively provide service to over 94% of Canada's wireless subscribers. With appropriately provisioned smartphones, their customers now have the ability to 'pay with their phone.' Similarly, five of Canada's six largest financial institutions: CIBC, Desjardins, RBC, Scotiabank and TD – who together serve 85% of Canada's households with retail banking services – are providing mobile payments through their own applications.
This mobile payment capability is helping to transform smartphones into virtual, mobile wallets, that can eliminate the need to carry individual cards, passes or cash.
Contributed | what does this mean?