Earlier today, Rogers President and CEO Nadir Mohamed delivered a speech at the Canadian Club in Montreal about innovation – what’s next and what Canadians can expect.
One of the exciting innovations Nadir talked about was mobile wallet. Earlier this year, we announced an agreement with CIBC to launch Canada’s first mobile payment solution which will allow Canadians to pay with their CIBC credit card at the checkout counter using their Rogers smartphones. We know this is something Canadians are excited about. In fact, in our first Rogers Innovation Report, we asked Canadian smartphone and tablet users about the idea of a mobile wallet and 61% said the mobile wallet will make their lives better. 43% felt the traditional wallet would be replaced over the next few years and a whopping 79% said they expect to make more purchases on their smartphones in the future.
Here’s an excerpt of what Nadir had to say about mobile wallet:
Today the average Canadian carries 22 plastic cards in their wallet. Think transit, credit, debit, loyalty and government-issued ID. If you do the math, we’re collectively carrying 675 million pieces of plastic. At $5 a pop, that’s a lot of plastic to manufacture and distribute.
Today your wireless device is already your phone, your camera, your computer.
Tomorrow it will be your virtual wallet…a safe and secure platform that uses the SIM card inside your NFC-enabled device to safely manage all of your information.
Everything you need for you and your family, conveniently and securely stored, all in one virtual place. Merchants will strengthen their relationship with consumers through loyalty and other rich offers.
Governments will see reduced fraud and increased service levels thanks to smart technology and other security capabilities.
And consumers will have convenient, instant access to all their cards, and the ability to carry what they want…without being limited by the size of their wallet…
Recently Rogers and CIBC announced they will launch the first commercial mobile payment solution in Canada. It gives Canadians the ability to pay with their credit card using their smartphone. It’s as secure as using your credit card today. And it’s easier to shut down a mobile wallet than it is to deal with a lost physical one.
This is Canada’s first real foray into mobile payments…and it’s the first real step in Canada’s journey toward a truly digital wallet.
Are you excited about the prospect of using your smartphone for mobile payments?
To read more about Nadir’s speech at the Canadian Club, check out our RedBoard Biz post here.
Miranda is a regular contributor to RedBoard