Rogers is planning to go a bit deeper into your wallet soon – the virtual wallet that is. The largest carrier in Canada filed an application last year to establish the “Rogers Bank.” This isn’t a bunch of physical stores, but the goal is to offer their customers a niche credit card and various mobile payment options. It looks like they’re almost ready to go prime time.
Earlier this week Nadir Mohamed, Rogers CEO, was speaking at the Canadian Club in Montreal and stated they are waiting for approval to start issuing credit cards to their 10 million customers. Mohamed noted that “There’s no question that when we launch our credit card, it will also be one of the first credit cards on your virtual wallet.”
There’s no specific timing, but Rogers also formed a partnership with CIBC that will allow NFC-capable BlackBerry devices that will allows customers to spend up to $50 on their CIBC Visa or MasterCard by simply tapping device to a terminal. That service is expected to launch later this year. Here’s an excerpt from his speech:
Today your wireless device is already your phone, your camera, your computer.
Tomorrow it will be your virtual wallet… a safe and secure platform that uses the SIM card inside your NFC-enabled device to safely manage all of your information. Everything you need for you and your family, conveniently and securely stored, all in one virtual place. Merchants will strengthen their relationship with consumers through loyalty and other rich offers.
Governments will see reduced fraud and increased service levels thanks to smart technology and other security capabilities.
And consumers will have convenient, instant access to all their cards, and the ability to carry what they want… without being limited by the size of their wallet…
Recently Rogers and CIBC announced they will launch the first commercial mobile payment solution in Canada. It gives Canadians the ability to pay with their credit card using their smartphone. It’s as secure as using your credit card today. And it’s easier to shut down a mobile wallet than it is to deal with a lost physical one.
This is Canada’s first real foray into mobile payments…and it’s the first real step in Canada’s journey toward a truly digital wallet.
A recent survey by SRG revealed that 63% of Canadians think paying by their mobile device “sounds convenient,” while 21% actually want to try it. However, a small percentage of Canadians, only 2%, are concerned about security.