Wells Fargo, CIBC Riding A mPayment Track

Wells Fargo and the Canadian Imperial Bank of Commerce (CIBC) are both moving to bring customers access to contactless mobile payment services.

Both banks are rolling out downloadable apps that link to the their credit cards and allow cardholders to “tap-to-pay” at POS terminals, FierceFinanceIt reported on Feb. 6.

Canadian telecommunications company Telus will be one of CIBC’s partners in offering contactless mobile payments; the bank has already entered into a similar partnership with Canadian telecommunication company Rogers.

"With mobile payments now coming to a growing number of mobile devices, Canadians can go from reading a text in the checkout line to paying for their purchases, all without ever reaching for their wallet,” said CIBC’s SVP of payments strategy and innovation Todd Roberts.

Wells Fargo has partnered with Isis, a joint venture between Verizon Wireless, AT&T Mobility and T-Mobile for its “tap-to-pay” app. As an incentive to test the technology, Wells customers are getting a 20 percent statement credit on all purchases made using the Isis mobile wallet app.

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