Smartphone users are increasingly able to conduct financial transactions by using apps on their devices.
Telus (TSX:T) announced February 4 that customers can now pay for goods and services with their smartphones if the have a CIBC (TSX: CM) credit card. The news comes one day after Royal Bank of Canada (TSX:RY; NYSE:RBC) announced that customers can make money transfers on Facebook (Nasdaq:FB) if they use Apple (Nasdaq:AAPL) iPhones.
The initiatives are just two recent examples of major Canadian banks partnering with technology companies on new digital payments.
Using smartphones with near-field communication built in, Telus customers can buy things and pay for them by accessing CIBC credit card accounts.
“This partnership with CIBC offers Telus customers simple but powerful new ways to make everyday purchases,” said Drazen Lalovic, Telus’ vice-president of market planning.
“Our customers have told us they want an easy-to-use and secure way to pay using their mobile devices and today’s announcement is another step towards enhancing their mobile experience.”
