CIBC first Canadian bank to participate in suretap(TM) open mobile wallet

New partnership allows more CIBC clients to pay with their smartphone

TORONTO, June 23, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it is the first major Canadian bank to participate in suretap, enabling CIBC clients to pay with their smartphone by adding any one of its credit cards to the new suretap open mobile wallet.

Beginning today, some of Canada's leading wireless carriers, Bell, Rogers, TELUS, Koodo and Virgin, are offering the suretap wallet across numerous Android and BlackBerry smartphones, with other device platforms expected to follow by the end of 2015. CIBC is the only major bank to make its credit cards available on suretap, a mobile payment application that allows users to store a range of payment cards on their mobile phones to pay for everyday purchases anywhere contactless payments are accepted.  

"We want to be where our clients are, and our involvement in suretap reflects our commitment to delivering banking and payment services ‎that are easy, personalized and flexible," says Todd Roberts, Senior Vice President, Cards and Payments Innovation, CIBC. "CIBC is the leader in innovation in banking, and this strategic partnership brings value to our clients by making it easier to pay with their phone."

With the suretap open mobile wallet, consumers can store any CIBC Visa or MasterCard credit card on eligible Android or BlackBerry smartphones available from each of the major wireless providers.

The state-of-the-art encryption technology together with a secure, passcode protected app gives users peace of mind knowing that their mobile payments are safe and reliable.

Suretap continues CIBC's track record for innovation and partnerships

Participating in suretap speaks to CIBC's focus on partnerships that add value for clients, and builds on the bank's track record for innovation. CIBC launched Canada's first mobile banking app in 2010 and a first of its kind mobile payments app in 2012.

"We are building our payment options not just for client needs today, but for what Canadians will demand in the future," says Mr. Roberts.

Canada was an early entrant in the mobile payments space and offers a breadth, depth and quality of payments services that is among the best in the world.

Suretap is changing the consumer experience. By allowing Canadians to add more than one type of payment option onto a single application and by making this application available on most Android and BlackBerry smartphones offered through Canada's largest mobile carriers, CIBC sees expanding mobile payments onto open wallets as a significant opportunity to enhance the client experience and drive growth. 

About CIBC

CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com. 

In May 2015, CIBC was one of two banks to earn the highest overall score in the Forrester Research 2015 Canadian Mobile Banking Functionality Benchmark report. This is the second consecutive year that CIBC has earned this award. In January 2015, CIBC was recognized as the best in online banking among the Big 5 banks in Canada by Forrester Research.

SOURCE CIBC