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TheStreet Open House

CIBC And TELUS Launch Mobile Payments

Stock quotes in this article: CM, T, TU

Canadians will now be able to conveniently pay for coffee, groceries and more with the CIBC Mobile Payment App on their TELUS smartphone

TORONTO, Feb. 4, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) and TELUS today announced the launch of the CIBC Mobile Payment App to TELUS mobile devices with Near-Field Communications (NFC) capability, allowing more Canadians to have access to mobile payments.

This announcement builds on CIBC's leading presence in the mobile payments market among Canadian banks, and on TELUS' commitment to putting customers first by offering a convenient and secure form of payment using mobile technology. Beginning today, TELUS customers using the app and a CIBC credit card account will be able to make mobile payments at many of the most popular retailers in Canada including coffee shops and grocery stores.

"We are excited to be working with TELUS to put the convenience of mobile payments into the hands of more Canadians and build on our industry-leading mobile payments offer," said Todd Roberts, Senior Vice-President, Payments Strategy and Innovation, CIBC. "Our clients have embraced mobile technology as part of their banking experience, and we believe 2014 will be a year of significant growth for mobile payments as more Canadians start reaching for their phone instead of their wallet at the checkout counter."

Delivering mobile payments to customers positions both CIBC and TELUS to meet the strong demand for this service today, while also establishing a strong foundation to adapt to future developments in the market for mobile payments and wallets.

"This partnership with CIBC offers TELUS customers simple but powerful new ways to make everyday purchases," said Drazen Lalovic, vice-president of market planning, TELUS. "Our customers have told us they want an easy-to-use and secure way to pay using their mobile devices and today's announcement is another step towards enhancing their mobile experience."

CIBC credit card clients using the following devices on the TELUS network will be able to download the CIBC Mobile Payment App from Google Play beginning later today:

  • Samsung Galaxy S4 
  • Samsung Galaxy SIII
  • Samsung Galaxy Note II
  • HTC One

Users of the following BlackBerry devices on the TELUS network will have access to the CIBC Mobile Payment App later this month:

  • BlackBerry Z10
  • BlackBerry Q10
  • BlackBerry Bold 9900

Mobile Payments are widely accepted

Credit card payments using the CIBC Mobile Payment App are already accepted at thousands of the most popular retailers in Canada for purchases under $50, using the same technology Canadians use today for contactless credit card payments. According to MasterCard:

  • 19 of the top 25 merchants by volume accept contactless payments
  • There are now 250,000 contactless payment readers in Canada

Canadian smartphone owners say they want to pay with their phone for everyday purchases:

  • Of the 68 per cent of Canadians aged 18-44 who own a smartphone, 46 per cent say they are interested in using a smartphone to make everyday purchases

"Right from day one when we launched our first of its kind mobile payment app, we heard from clients about how convenient it is, and about the positive reactions from their friends and family when they've paid at the checkout counter with their phone," added Mr. Roberts. "That's why we are excited about today's announcement with TELUS, which represents a significant expansion in the mobile payments market and brings this service to more Canadians in 2014."

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