RBC Mobile Wallet Formally Launches

RBC has rolled out its mobile wallet, enabling consumers to use certain smartphones to make payments funded by Visa credit cards or Interac, Canada's national debit card program.

The RBC Wallet is currently available to RBC consumers who have a Samsung Galaxy S III or Samsung Galaxy S4 smartphone. These phones are two of the country's mostly broadly used models built with Near Field Communication chips, which enable contactless payments.

The Samsung phones must have an updated NFC-enabled SIM card to make purchases at merchants that accept contactless payments. The bank, which is working with the Bell network, plans to add more mobile operating systems and carriers in the future, as well as other consumer and merchant services tied to mobile payments.

"Our vision is for the RBC Wallet to work on all phones, with all carriers, and include value added services and solutions—all safely secured in the RBC secure cloud," says Dave McKay, group head of personal and commercial banking at RBC, in a Jan. 22 press release.

RBC previously tested mobile payments with McDonald's alongside Interac's contactless debit payments service and Moneris.

Rogers, Bell's rival, is also building a mobile wallet, with CIBC as an initial bank partner.