Banks and Carriers to Announce New Rules for Using NFC on Smartphones

Sometime this week the Rogers/Bell/TELUS joint venture, along with various financial institutions could announce their plans on bringing the “mobile wallet” to Canadians within 6 months. It was a couple of weeks back when EnStream which is the Rogers, Bell and Telus joint venture, was in final talks with various financial institutes about the new plans and now we are close to an official announcement.

According to MobileSyrup at a Canadian Bankers Association meeting on Friday the big banks – presumably RBC, CIBC, TD Canada Trust, Scotiabank, BMO will be working on embedding credit card and debit card information onto consumer smartphones.

“A flat annual fee to allow a bank to load a consumer’s financial credentials on the SIM card inside a NFC-enabled smartphone.”That’s the word from Reuters on something Rogers, Bell and Telus are interested in on pricing and fees for the consumer or the merchant. Merchants are worried about paying out higher fees and the biggest issue for consumers surrounding mobile banking/mobile payment is security with 64% claiming it as their number one concern, according to a New Study

Source: Mobile Syrup

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