They are determined to not only be pioneers but to lead the industry, as well.
The race to lead the way in the mobile payments and digital wallet space has been a tough struggle in most countries, including in Canada, where the Big Six banks have been doing their best to hold back the success of alternatives from other countries, such as Square an PayPal.
They are trying to achieve this goal by providing the best technology in the nation for these devices.
Banks are working to achieve the best possible mobile payments technology to be able to complete contactless transactions through the use of tablets and smartphones. This will allow Canadians to be able to pay for their purchases through a simple wave of their smartphones so that they can go on their way. It is believed by the banks and the industry that this technique could become a faster and more convenient way of completing transactions at retail stores, in restaurants, and in other locations.
Mobile payments are meant to be an alternative to using cash or credit or debit cards to complete a purchase.
The hope of the big Canadian banks is that when this does become a common practice, the leaders of the mobile payments markets won’t be PayPal and other types of internet transaction company, but will instead be the old, well established financial giants, which will have partnered with the large telecom companies.
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Last month, the Royal Bank of Canada (RBC) became the second bank in a year to make their mobile payments solution launch. Its own offering was an app that allows its clients to purchase products through the use of NFC technology (assuming that they have enabled smartphones) that can simply be tapped against a terminal in order to make a payment.
Before that came the launch of the Canadian Imperial Bank of Commerce (CIBC) mobile payments offering, which was a joint venture with Roger’s Communications, a wireless and telecom giant. That product was released in November 2012. RBC’s mobile wallet will be available on the devices that rival Rogers, from BCE Inc.
It has also been revealed that other giants such as Scotiabank and Toronto Dominion Bank (TD) are testing their own mobile payments and wallet options.