Royal Bank of Canada (RBC) announced new, patent-pending technology on July 18 that it said will help it bring a cloud-based NFC mobile payments service to the market by the end of 2014.
RBC said the service will allow it to assume the burden of protecting sensitive user data. User information will be kept in the cloud and decoded locally on point-of-sale (POS) devices when purchases are made.
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“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,” Linda Mantia, executive vice president of cards and payment solutions at RBC, said in a statement. “The result is a solution that offers benefits and options to everyone in the payment ecosystem.”
For more on RBC’s new innovative technology, read the full press release here.
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