CIBC Updates Mobile App to Allow Users to Pay for Goods with Their Smartphone

CIBC has updated its mobile payments app on Google Play to enable smartphone purchases.

The service is not just restricted to Android users, but specifically owners of the Samsung Galaxy S3—and only those who use that device on Rogers’ network. Further, we’ve heard that only certain credit cards from CIBC are supported. That’s an extremely niche customer market—up to five layers of requirements—but it’s at least a start.

The app already supports for some older BlackBerry models, such as the Bold 9900, plus the new Z10.

Those who can use the app’s new feature can make contactless Visa or MasterCard credit card payments using the app for purchases under $50. CIBC promises the app is as secure as using a plastic credit card.

“We are excited that more of our clients can now make everyday purchases at their favourite retailer simply by holding their Android device up to a contactless payment terminal,” says David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking for CIBC. “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.”

CIBC is expected to roll out its Mobile Payments App to additional Android devices in the coming weeks, and announce “further expansion plans in the months ahead.”

A recent CIBC poll conducted by Harris/Decima found 68 percent of Canadians between ages 18 to 44 say they own a smartphone and 46 percent of these owners say they are interested in paying for everyday purchases using their smartphone.

“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,” added Williamson.