Under the terms of the partnership, TELUS customers using the app and a CIBC credit card account are set to be able to make mobile payments at a number of retailers in Canada including coffee shops and grocery stores.
Credit card payments using the CIBC mobile payment app are already accepted at a number of retailers in Canada for purchases under USD 50, using the same technology Canadians use for contactless credit card payments. According to MasterCard 19 of the top 25 merchants by volume accept contactless payments and there are currently 250,000 contactless payment readers in Canada. Of the 68% of Canadians aged 18-44 who own a smartphone, 46% say they are interested in using a smartphone to make everyday purchases
In recent news, CIBC has launched a mobile banking application as an extension of its suite of mobile banking services with eDeposit, a solution which lets personal and small business customers in Canada to deposit cheques to their CIBC account by taking a photo of the cheque with their mobile device.
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