Like any Pilot project, the access will be limited to a limited number of customers. The lucky ones should fulfill the following 4 conditions:
(1) Be a Rogers customer with a NFC SIM
(2) Be a CIBC customer
(3) Have a BlackBerry phone (Bold 9900 and the Curve 8360)
(4) Reside @ at a place that accepts this
In a first of its kind, a Bank and a Wireless carrier have joined hands to launch a cutting-edge Safe ePayment product in Canada.
Rogers Communications Inc.(Canada’s largest wireless carrier) and the Canadian Imperial Bank of Commerce(CIBC-Canada’s fifth largest Bank) after delicate negotiations have taken a significant step towards transforming the old-fashioned wallet old into a new-fashioned ePayment product.
If the merchant accepts a contactless card, they’ll be able to accept Suretap.
The new product name is Suretap and it is the first payment method in Canada that allows retail credit card purchases through a smartphone.
In the pilot mode the upper-limit of the transactions have been set to $50
The technology combines NFC (Near field communication) and credit card credentials.
The technology has also taken time to develop, leveraging NFC or “near-field communication” gear inside the phones that works much like the magnetic strip on a traditional plastic bank or credit card. On purchase, the money transfer is completed when a user swipes their phone over a contactless terminal at a cash register.
A customer’s bank or credit-card “credentials” — personal account information — are stored on a chip inside the phone. The chip, called a SIM card, is already what a mobile provider houses customer account information on for wireless services.
Suretap is a commercially available mobile payments solution to Canadians that leverages the secure SIM card inside an NFC-enabled Rogers smartphone.
Some of the key features of the new mobile payments solution include:
- Full access to a client’s existing CIBC credit cards on their smartphone at no extra cost – whether Visa or MasterCard – this gives clients the opportunity to earn loyalty points on purchases as they do today.
- Multiple layers of security – Paying with your NFC-enabled smartphone will be as secure as using your credit card today. Clients will receive the same fraud protection they do with their contactless credit card, and secure encryption technology will add to the layers of security already in place on credit card purchases. Clients will also have the option to set additional password protection.
- No “stickers” on your phone – this new payment capability will leverage the secure SIM card inside a mobile device for payments, meaning clients can manage their credit card credentials on a secure platform, and won’t need to worry about stickers attached to their phone.
Going ahead, Suretap is will be rolled out to other smartphones, including Android and Windows
Ah, just wondering, when this will come to India. Any guesses?
Re-disseminated by Prashant N. Banker by daytime, blogger by night.
- Rogers and CIBC “to complete first mobile credit card payment in Canada” tomorrow (mobilesyrup.com)
- Canada starts mobile payments era with CIBC, Rogers, and Tim Hortons (mobileburn.com)
- Canadian first: Mobile payments using smartphones now accepted at Tim Hortons (sacbee.com)