This is what we’ve been waiting for: a bank and a carrier to finally announce a mobile wallet application with at least of hint of when it will launch. Rogers and CIBC have announced a mobile payment solution that will allow customers to use their NFC-enabled BlackBerry exactly as they would a credit card. The app will be available “later this year” and will initially be limited to CIBC Mastercard and Visa credit card customers.
The app works just as you’d think it would. The user taps their smartphone to the NFC terminal and is prompted to enter the PIN number (bank PIN not your BBM Pin). Transactions will be capped to less than $100 and clients will have the option to increase that cap.
Canada is the perfect country for this type of initiative. When the debit system came to Canada, Canadians loved the cashless payment system. Since its national launch in 1994, Interac Direct Payment has become so widespread that, since 2001, more transactions in Canada were completed using debit cards than cash. It’s this type of statistic that’s going to really pave the road for a great new technology in payments.
This is a huge win for BlackBerry because it’s one of the few times BlackBerry users get to see these words in a press release:
“The BlackBerry is the only supported device for the time being”
Stay tuned for the launch of the app!