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RBC launches cloud-based mobile payments service

RBC this week announced its patent-pending RBC Secure Cloud mobile payments service. The new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices, the bank stated in a...


July 18, 2013  


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RBC this week announced its patent-pending RBC Secure Cloud mobile payments service. The new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices, the bank stated in a release.

RBC will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms.

“The financial institution assumes the security burden since sensitive client data remains with the bank, as opposed to keeping it on the phone, as is the case with other models,” RBC said in a release.

“The data is transmitted encrypted and decoded locally on the client’s mobile device at point of sale through partnerships with mobile service providers.”

Initially focused on Near Field Communication (NFC), RBC Secure Cloud can support new technologies such as bar or QR codes, or other standards, and allows offline transactions.

In March, RBC participated in the country’s first mobile debit transaction with Interac.