With the introduction of mobile payments by MTS and SaskTel, customers of these provincial telecommunications companies can now pay with their phone. TD is the first financial institution to offer this service to MTS and SaskTel customers. Five mobile networks now provide Canadians with the ability to pay for purchases with a tap of their mobile device. [Read more…]
Apple Pay is planning to launch in Canada in November, 2015, and is currently in negotiations with six of the countries largest banks, which hold over 90% of retail accounts there. Canada is a particularly attractive market for Apple, because the company holds 34% of the Canadian smartphone market according to Catalyst, and many retail stores are already set up for contactless payment. A final deal has not yet been reached, however, because the banks are concerned about Apple’s fees, and security issues, according to the Wall Street Journal.
Rogers announced today that its suretap wallet will be available to customers in the coming weeks, making it the first mobile wallet from a carrier in Canada. The service will be available on select NFC-enabled smartphones, offering a co-branded virtual Rogers Prepaid MasterCard and gift cards from select national retailers as the first cards available for download. [Read more…]
CIBC today announced the launch of a Mobile Banking App designed specifically for the iPad.
The launch makes CIBC the first major bank in Canada to deliver a native iPad mobile banking app, building on CIBC’s leadership in mobile financial services. The app enables CIBC clients to bank on their iPad using new interactive graphics and visuals, and leverages the full screen and capabilities of the iPad.
“Just as we did when we launched the first Mobile Banking App in Canada in 2010, CIBC is moving quickly to deliver banking services to our clients through the technology they use everyday,” said Michael Martin, Senior Vice President, Alternate Channels, CIBC. “Our new Mobile Banking App for iPad offers engaging features that utilize the iPad’s large, high resolution Retina display, and rich interactive graphics and visuals, making it easier to understand and manage your finances.”
“Clients are increasingly looking for greater flexibility and an anytime, anywhere connection to their banking, allowing them to take care of day to day transactions at a time and place that works for them,” added Mr. Martin.
Just as they can on CIBC’s award winning Mobile Banking App for the iPhone, clients can use the new CIBC Mobile Banking App for iPad to check account balances, transfer funds, pay bills and send Interac e-Transfers.
Clients can visit to view an online demonstration of the new CIBC Mobile Banking App for iPad, and download it for free. Clients can also download it from the App Store.
Collective Point of Sale Solutions, a Canadian provider of payment processing services, has launched VirtualMerchant Mobile, a mobile P.O.S solution that allows small and medium-sized businesses to process credit card payments using an existing smartphone device.
“We worked very hard to deliver a payment solution that enables businesses to utilize their existing hardware, technical infrastructures and communications providers,” said Michael Back, CEO and President of Collective POS. “With this product, merchants can turn any iPhone, iPad, iPod Touch, Android or Blackberry device into a secure, affordable point of sale terminal.”
To set up, merchants who have been approved for credit card processing download an application from the relevant app store and enter the account information provided to them by Collective POS.
VirtualMerchant Mobile includes both hardware and software features to ensure complete end-to-end transaction security. To protect merchants and cardholders, no payment information is stored on the mobile device. At the time of swipe, card data is encrypted through the provided card encryption sleeve and immediately sent to a firewall-protected, secure hosting environment.
“This solution is perfect for taxi and livery services, companies that offer delivery, participate in trade shows or flea markets, home-based businesses and any other business that wishes to accept credit cards on the go,” said Michael Back.
In addition to portability and information security, VirtualMerchant Mobile offers the reliability that is synonymous with all Collective POS offerings, making it an ideal solution for any on-the-go business or service.
Collective POS serves more than 10,000 businesses across Canada, including retail stores, restaurants, hospitality providers, mobile services, e-commerce merchants, mail order/telephone order businesses, professional firms/clinics/practitioners, B2B product/service providers, tradespeople and many other industries.
Source: Collective Point of Sale Solutions, Ltd.
BMO Bank of Montreal today launched its Mobile PayPass Tag, a technology that allows BMO personal credit card customers to make purchases through a sticker affixed to their mobile phone and receive an instant email verification of each transaction.
By making the PayPass technology available for use on mobile devices, consumers no longer need to carry cash or coin, or even a purse or wallet, with them to make small-dollar-value purchases. They can just tap their mobile phone over the PayPass reader at the point of sale and the transaction is instantly processed to their BMO credit card account. For purchases under $50, no Personal Identification Number (PIN), swipe or signature is required.
Through MasterCard’s inControl platform, BMO’s Mobile PayPass Tag users can easily monitor their spending by opting to receive email notifications that report the merchant and exact location of each PayPass purchase they make with their tag. The tag and email notification services are free to BMO MasterCard cardholders. PayPass technology is already embedded in more than seven million of BMO’s MasterCard credit cards. The PayPass tag for mobile devices simply makes using PayPass that much easier — you don’t even have to pull your card out of your wallet.
“We know that Canadians’ use of cash for smaller-value purchases is based on their desire to get in and out quickly when buying day-to-day items like gas, a quick lunch or a coffee,” said David Heatherly, VP, Payment Products, BMO Bank of Montreal. “PayPass is part of the movement toward a ‘cashless’ society. It’s faster and more convenient than cash or debit, which requires a swipe and PIN.”
Along with speed and convenience, PayPass tag users have the same zero-liability purchase protection and anti-fraud capabilities available on all BMO MasterCard products. And they can collect the same rewards that they earn on their BMO MasterCard credit card, which means PayPass users earn rewards on their total spend and collect more rewards faster.
Merchant Acceptance of PayPass Technology Growing Quickly
“Canadians tell us they prefer simplified, electronic payment methods. Given the prevalence of smartphones, and a quickly expanding network of PayPass merchants, we think mobile PayPass is poised to take off as a popular payment method for Canadians,” said Scott Lapstra, Vice President, Emerging Payments, MasterCard Canada.
According to Mr. Lapstra, PayPass transactions account for nearly 10 per cent of all MasterCard credit card transactions in Canada, with the average PayPass transaction at just over $40 – and close to 50 per cent of those transactions being for purchases of $25 or less.
Canadian mobile carrier Rogers has filed to become a bank under Canada’s federal Bank Act, which will allow it to pursue more mobile payment services and a “niche credit card opportunity” for consumers, a Rogers spokesman told CBC.
While it may look odd at first, perhaps banking could be the next stop for carriers. They already handle a lot of payments from consumers and have long-term billing relationships with users. [Read more…]
Western Union now provides services for consumers to send money directly to the mobile “wallets” of Safaricom M-PESA subscribers in Kenya from 45 countries and territories. According to the company, it’s the first service of its kind in the world.
The expansion of the service to more than 80,000 Western Union Agent locations worldwide follows the successful debut of the offering from Western Union Agent locations and the Western Union website in the U.K.
The service rides on Western Union’s worldwide network and trusted global “hub” for processing cross-border remittances. It also builds on the unprecedented success of M-PESA, a domestic mobile money transfer service in Kenya offered by Safaricom that has attracted more than 13.5 million customers since its launch in 2007.
“We are pleased to extend our service with Safaricom, and we look forward to adding additional functionality for M-PESA users in the near future,” said David Yates, Executive Vice President and President, Business Development and Innovation, Western Union.
The service will allow people to visit one of more than 80,000 Western Union Agent locations in 45 countries and territories across the globe, including the U.S., Canada, Italy and the U.K., and send funds directly to the mobile “wallets” of M-PESA’s 13.5 million subscribers. Funds are delivered generally in minutes.
The service will likely benefit thousands of Kenyans working abroad. According to the Central Bank of Kenya, Kenyans living outside their home country sent US$642 million home in 2010—up from the US$609 million sent home in 2009.
Safaricom CEO Bob Collymore said, “Our customers are very proud of the revolutionary M-PESA service, and this partnership sees us pushing new boundaries to continue to keep Kenya at the forefront of the mobile world. Through this partnership, our customers and their friends and families will benefit from affordable, faster and more convenient international remittances, and the money is available to use straightaway for any M-PESA transaction, or can be withdrawn as cash at any of our 24,000 Safaricom agents.”
Western Union offers the Mobile Money Transfer Service in the Philippines with Smart Communications and Globe Telecom; in Malaysia with Maxis; and in Canada with EnStream. Western Union also has agreements with other mobile operators and banks to introduce the service in the future.
Source: Business Wire
The Western Union Company has introduced a new foreign-exchange (FX) payment service that will enable small and medium-sized enterprise (SME) business clients to make payments from their smartphones.
The new mobile-friendly payment service is now available in countries where Western Union currently offers online payment and FX services through its Business Solutions division, including the United States, Canada, the United Kingdom, Germany, Italy, France and Australia.
The new mobile service is designed for busy professionals and offers an intuitive interface for customers making international business payments. The service, which offers more than 140 currencies to choose from, allows users to make payments to suppliers in global markets anywhere, anytime, and lock in a currency-exchange rate and fee before transferring funds.
“The sheer demand for innovative mobile services is evident, and our clients want to take advantage of new m-payment options,” said Raj Agrawal, General Manager, Western Union Business Solutions. “This new mobile payment service not only makes it easier to transfer funds globally to foreign suppliers and workers but also offers the ability to take advantage of foreign currencies when making international payments.”
According to an IEMR Global Mobile Payment Market Forecast report, mobile payments will reach 1 billion users and the $1 trillion transaction mark in the next five years. To take advantage of this growing market opportunity, this service will allow Western Union Business Solutions clients and partners the ability to take advantage of diverse foreign-exchange payment solutions that are flexible and easy to use.
Source: Business Wire