PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Canada's Rogers Communications and CIBC Bank Team Up for NFC

By Mercator Advisory Group
May 16, 2012
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Friendly Fraud Is Not Your Friend - PaymentsJournal

Business people shaking hands after meeting .

With nearly 100% of its MasterCard-branded cards dual interface (both contact EMV and contactless), Canada has the issuing side of contactless largely in hand and many of Canada’s larger retailers support contactless trasnactions as well. Given that, the Canadian market is well positioned for the contactless/NFC world that Google and Isis are trying to create in the U.S.

Smartly, Canada’s banks and credit unions have been working on an NFC mobile payments reference model, the first fruits of which are expressed in the announcement by mobile operator Rogers Communications and number five Canadian bank CIBC of a NFC-based mobile wallet program due out later this year. Initially on Blackberry models with NFC capability (using INSIDE Secure NFC chipsets), Rogers will make more NFC-equipped smartphones available.

In this Reuters piece, however, there’s likely an error. Can you catch it?

Rogers had 9.3 million wireless customers at the end of March, and CIBC is Canada’s fifth-largest bank. Rogers is paying the bank a flat fee per credential added to its SIM cards.

Yes, it is highly unlikely that Rogers is paying the bank. The standard model for NFC credential storage is for the financial institution to pay a fee to whoever holds the keys to the secure storage facility of the NFC chipset. So, it is likely the NFC world will continue to spin on its axis.

Features of the mobile program inlcude fairly strong privacy policies regarding purchase history and the sharing of data. In this day of over-sharing and over-collection of personal data, it is refreshing.

Other features of the wallet and program are:

  • Full access to a client’s existing CIBC credit cards on their smartphone at no extra cost – whether Visa or MasterCard – this gives clients the opportunity to earn loyalty points on purchases as they do today.
  • Multiple layers of security – Paying with your NFC-enabled smartphone will be as secure as using your credit card today. Clients will receive the same fraud protection they do with their contactless credit card, and secure encryption technology will add to the layers of security already in place on credit card purchases. Clients will also have the option to set additional password protection.
  • No “stickers” on your phone – this new payment capability will leverage the secure SIM card inside a mobile device for payments, meaning clients can manage their credit card credentials on a secure platform, and won’t need to worry about stickers attached to their phone.

Click here to read more from Reuters.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    digital cards

    Beyond Plastic: Why Digital Cards Are the Future of Credit

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025
    Fraud Monitoring

    What to Expect When Nacha’s Fraud Monitoring Rules Take Effect

    July 1, 2025
    payments

    Don’t Just React to What’s Next in Payments—Anticipate It

    June 30, 2025
    consumer debit

    As Payment Types Proliferate, Debit Cards Still Go Strong

    June 26, 2025
    Embedded Payments

    How Embedded Payments Is Optimizing the Expense Management Process

    June 25, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result