Canadian Imperial Bank of Commerce (CIBC) is to roll out its mobile payments app to Android smartphones.
The CIBC Mobile Payments app is available on the Samsung Galaxy S3 smartphone with additional devices gaining access in coming weeks. The app can be downloaded from Google Play and will enable users to pay for credit card purchases under $50 in thousands of Canadian retailers.
Safeguards such as bank chip technology, optional user passwords and encryption to store credit card information in a secure component of the phone’s SIM is also offered.
David Williamson, senior EVP and group head of retail and business banking for CIBC, said: "Giving Canadians the capability to bank on the go and make payments with their phone is rapidly becoming an important part of their relationship with their bank, and we will continue to invest in these services going forward."
A CIBC poll conducted by Harris/Decima found 68% of Canadians aged 18-44 owned a smartphone and 46% of these owners are interested in paying for everyday purchases using their smartphone.
CIBC is Canada’s fifth-largest bank by assets.
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