RBC looking to Interac with new payment system

by Andrew Roach on April 1, 2013

With mobile phones now becoming a popular way to make payments, many of Canada’s leading banks are now starting to get involved and launching their own products to take advantage of the new system.

So it’s no surprise to see that the country’s largest bank RBC has entered the fray as they have teamed up with several leading firms to offer their own mobile payment service.

The bank has teamed up with digital payment service Interac to host the app which will be available for all customers when it first launches.

Technology such as NFC has made it possible for customers to make simple transactions anywhere thanks to the use of tablets and smartphones.

It’s not surprising that the Royal Bank of Canada has launched their own app as the technology is now part and parcel of almost every leading smartphone and tablet on the market.

Customers who bank with RBC will be able to access their accounts from anywhere and then use a digital device to make the payment remotely rather than with a credit card.

Unlike other apps that are designed to specifically work for different systems, RBC have teamed up with Interac meaning that the service will work using any till that has Interac Flash built into it.

The bank is hoping that the new service will help RBC adapt to the digital world and improve their overall service to their customers. This was re-affirmed by Dave McKay, head of personal and commercial banking at RBC, who said in a statement that “RBC clients will be able to use their mobile devices to make debit payments when and where they wish to make them – and then to immediately check their online bank balance from those same devices.”

The app had been promised for some time by the bank as they look to react to other competitors already launching digital apps to take advantage of NFC technology.

Last week, CIBC announced that they would be partnering with Rogers to offer a mobile payment service to Android, iOS and Blackberry devices.

With RBC’s app scheduled to be available to almost anyone who owns a smartphone or tablet, the system could mean that it won’t be long before our entire banking methods become completely digital.

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Written by: Andrew Roach www.digitcom.ca. Follow TheTelecomBlog.com by: RSS, Twitter, Facebook, or YouTube.

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