The Canadian Bankers Association announced this morning alongside the Credit Union Central of Canada, guidelines for mobile payment technology.
The Mobile Reference Model, a 133 page document released outlines voluntary requirements for major Canadian financial institutions and credit unions for implementing mobile payments with smartphones. Here is an overview of the purchase process from the document, based on Near Field Communication (NFC) being part of the smartphone:
Rogers and CIBC issued a statement today that noted they will be announcing an ‘exciting innovation’ tomorrow. The following financial institutions were part of the CBA report:
BMO Financial Group (BMO)
National Bank (NB)
CIBC (CIBC)
Credit Union Central of Canada (Canadian Central)
Desjardins Financial Group
Royal Bank of Canada (RBC)
Bank of Nova Scotia (Bank of Nova Scotia)
Toronto Dominion Bank (TD)
It’ll be interesting to see what is announced tomorrow, and how well mobile payment solutions will be implemented. Are you interested in paying for items with your phone?
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
I’am a bit scared but also a bit excited.What are your thoughts Gary?
It could work out eventually with testing but I’d like to wait and see. It comes down to getting enough retailers to get units to accept the new digital payments to make it worthwhile.
All reailers will support it due to interac flash requirements. Most within 12 months.
So we’d need an NFC chip in the phone to take advantage of this new system, yes?
Most likely, yes.
I’m excited to see what they do. But I’m not about to pay any company $5/month to use NFC.