Rogers Banks on Digital Wallets with Virtual Credit Card

Rogers plans to launch a credit card that will be part of a “virtual wallet” as the Canadian telco sharpens its focus on mobile payments.

“There’s no question that when we launch our credit card, it will also be one of the first credit cards on your virtual wallet,” Rogers chief executive officer Nadir Mohamed told Postmedia News after a speech to Montreal’s Canadian Club.

The CEO was vague on the timing of the launch. But he did predict that within five years it will be common for people to use smartphones as digital wallets.

“Today your wireless device is already your phone, your camera, your computer,” he said. “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.”

SEE ALSO: Rogers acquires a bank license.

Nadir also said that Rogers expects other wireless connected devices to take off, such as hydro and parking meters, digital chalkboards, and medical equipment—and that they will be a big source of revenue in the near future. He suggested that this market could grow to more than $400 million in annual revenue for the industry by 2015.

Rogers has 9.4 million subscribers for its wireless services. That makes it Canada’s largest mobile phone company.

Many BlackBerry and Android smartphones already have NFC capabilities. But Apple’s brand new iPhone 5 still does not. The company is not yet convinced that NFC is widespread enough to warrant adoption.