CIBC credit card holders can now pay with their Samsung Galaxy S3 from Rogers; poll shows strong growth potential for mobile payments in Canada
TORONTO, May 9, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced an expansion of the CIBC Mobile Payments App to Android smartphones from Rogers. This means that hundreds of thousands of Canadians will now have the opportunity to start paying for everyday purchases using their phone.
The CIBC Mobile Payments App is now available for the Samsung Galaxy S3 smartphone and will expand to additional Android devices in the coming weeks. The App can be downloaded from Google Play. Contactless Visa or MasterCard credit card payments using the App are already accepted at thousands of retailers in Canada for purchases under $50. The CIBC Mobile Payments App offers a number of safeguards for clients making it as secure as the credit card they use today, including proven bank chip technology, optional user passwords, and encryption to store credit card information in a secure component of the phone's SIM card.
"We are excited that more of our clients can now make everyday purchases at their favourite retailer simply by holding their Android device up to a contactless payment terminal," said David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking for CIBC. "Since launching mobile payments in 2012, the number one question from our clients has been about when they can use the App on their Android phones, which speaks to the importance of today's announcement."In November 2012, CIBC became the first bank in Canada to complete a mobile credit card transaction using an NFC enabled smartphone. Majority of Canadians 45 and under own a smartphone, many interested in mobile payments A recent CIBC poll conducted by Harris/Decima found 68 per cent of Canadians between ages 18-44 say they own a smartphone and 46 per cent of these owners say they are interested in paying for everyday purchases using their smartphone. "To understand the potential for mobile payments, you just have to look around at the number of Canadians who take their smartphone with them everywhere they go," noted Mr. Williamson. "Whether it's walking by the coffee shop on the way to work, or picking up a few items at the grocery store, Canadians always have their smartphone within reach, making it a convenient way to pay for everyday purchases.