CIBC and TELUS announced the launch of the CIBC contactless mobile payment app to
TELUS mobile devices with Near-Field Communications (NFC) capability, allowing more Canadians to have access to mobile payments.
This builds on CIBC’s leading presence in the mobile payments market among Canadian banks, and on TELUS’ commitment to offering a 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 contactless 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 contactless mobile payments into the hands of more Canadians and build on our industry-leading mobile payments offer,” comments 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.
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
Credit card payments using the 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% of Canadians aged 18-44 who own a smartphone,
- 46% say they are interested in using a smartphone to make everyday purchases.