RBC Takes its Share of the Mobile Payments Market via RBC Secure Cloud

by Istvan Fekete on July 19, 2013

RBC clients can now pay safely and securely for their purchases using a new technology that keeps sensitive data secure with RBC in the cloud, not on the smartphone, the company announced today (via CNW).

The mobile payment service is called RBC Secure Cloud and it is the first in Canada to provide a safe, fast and more flexible solution than the ones already present on the market. The service is expected to reach consumers by the end of the year with debit and credit on several smartphone platforms.

“We have designed a mobile payment solution that offers a better client experience and increased security than has been previously available, while meeting industry standards,” said Linda Mantia, executive vice-president, Cards and Payment Solutions, RBC. “The result is a solution that offers benefits and options to everyone in the payment ecosystem.”

The service stands out for its security feature: RBC takes the burden of security, as it stores the sensitive client data, and sends it encrypted and decoded locally on the device at point of sale. The financial data remains at the source, and they are also protected by the existing Zero Liability Policy for Interac, Visa and MasterCard.

“We understand the importance of security to our clients and make safeguarding their personal information our highest priority,” said Paul Gerics, vice-president, Information Security at RBC. “RBC Secure Cloud is being built with the highest security standards in mind. We employ a diverse range of technologies and security mechanisms to help ensure the safety, confidentiality and integrity of our client’s information and transactions.”

RBC is set to boost the slowly growing mobile payment market in Canada, which is interesting, because a recent PayPal study has emphasized that the majority of Canadians are ready to leave their wallet back home and go digital.

The reality looks different though in the streets: they also cited the lack of technology as the major roadblock in using mobile payments. In other words, the moment isn’t ripe yet.

RBC, however, wants to take its share of the future growth of mobile payments. Earlier this year, RBC has participated in the country’s first mobile debit transaction with Interac and later, in May, RBC announced the launch of its mobile solution on Bell, which will be available later this year.

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

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