The mobile payments app is currently only available for the Samsung Galaxy 3S, but the company plans to expand to additional Android devices in the near future.
Visa and MasterCard credit card payments under the app are accepted at thousands of retailers for purchase of less than $50. The app provides cardholders with enhance security measures, including bank chip technology, optional passwords and encryption to store payment information.
“We are excited that more of our clients can now make everyday purchases at their favorite retailer simply by holding their Android device up to a contactless payment terminal,” David Williamson, the senior executive vice president and group head of retail and business banking for CIBC, said. “Since launching mobile payments in 2012, the number one question from our clients has been about when they can use the App on their Android phones, which speaks to the importance of today’s announcement.”
Last November, CIBC became the first Canadian bank to complete a mobile credit card payment using an NFC-enabled device. A recent poll found that 68 percent of Canadians between ages 18 and 44 own a smartphone, and 46 percent of users indicated interest in paying for everyday purchasing using their mobile devices.
“To understand the potential for mobile payments, you just have to look around at the number of Canadians who take their smartphone with them everywhere they go,” Williamson said. “Whether it’s walking by the coffee shop on the way to work, or picking up a few items at the grocery store, Canadians always have their smartphone within reach, making it a convenient way to pay for everyday purchases. 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.”