California-based mobile commerce provider Sequent has announced that North American financial institute CIBC is licensing the Sequent Wallet Management Platform for the CIBC Mobile Payment Service in Canada. Since the launch of CIBC’s Mobile Payments App in November 2012, CIBC clients with eligible credit cards are able to use select mobile devices enabled with (NFC) to make contactless payments at participating merchants throughout Canada and abroad.
Consumers can pay with CIBC credit cards by holding their NFC-enabled mobile device up to a contactless payment terminal. The CIBC mobile wallet works with NFC devices with secure SIM cards and can be used wherever contactless payments are accepted.
“The Canadian market is one of the most advanced markets globally for contactless cards, terminals and smartphones, primed for mobile innovation on multiple fronts,” said Robb Duffield, CEO of Sequent. “Sequent Wallet Management Platform allows CIBC to provide clients with an enhanced shopping and payment experience with their mobile device.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.