It is no big secret that mobile payments are going to explode on the market over the next year or two and Samsung is making sure that their new devices are ready to take full advantage of that scenario. Fortunately, for Canadians, the Canadian banks are on the forefront of implementing mobile payments and some of the largest – such as TD Canada Trust, the CIBC app and UGO Wallet – all worked together with Samsung to get the new Galaxy S6 and Galaxy S6 Edge onboard to work with their apps and institutions. This change was implemented over the past couple of weeks.
There are other financial institutions jumping onboard with mobile payments as well – Desjardins, a smaller player in the financial field, also supports the Galaxy S6 and S6 Edge. We are still waiting to see if Scotiabank and RBC will update their compatibility list, although it is very likely they will. With the recent release of the new Samsung Galaxy Note 5 and Galaxy S6 Edge+, it will be interesting to see just how fast they will be added to the ‘approved’ list of devices.
One may wonder why it takes so long for a phone to be accepted by the financial institutions…after all, the Samsung devices are certified for mobile payments and even allow for both NFC-based payments and remote authentication. Samsung must still work with each individual carrier – Rogers, Bell, Telus as well as their flanker brands – and then the banks must be involved. This process takes time and the Samsung models are often certified more quickly than other brands – our source tells us that the HTC One M9 is still incompatible with all banks’ mobile payment services in Canada.
With all of the electronic wallets coming out these days – Google Wallet, Samsung Pay, Suretap, PayPal, Android Pay – both users and retailers are embracing the idea of making purchases with their smartphones. Canadians especially like the idea of using the mobile device to make payments as they predict a growth rate of 142-percent between 2013 – 2016…which is right around the corner. Canada’s government expanded its code of conduct that already covers credit and debit cards to include items purchased with a smartphone.