Visa approves RIM for mobile payment solution

WATERLOO, ONTARIO--(Marketwire - January 16, 2013) - Research In Motion (RIM) (NASDAQ: RIMM)(TSX: RIM) today announced that its Secure Element Manager (SEM) solution for NFC (Near Field Communication) mobile payments has been approved by Visa. RIM's SEM is the backend solution for carriers that can securely manage credentials on SIM (subscriber identity module) cards installed in all types of NFC-capable mobile devices.

Research In Motion describes its Secure Element Manager technology, or SEM, as a way for networks to manage all types of mobile devices equipped for close-range wireless payments, also known as near field communications or NFC.
The EnStream joint venture owned by BCE's Bell (TSX:BCE), Rogers (TSX:RCI.B) and Telus (TSX:T) has already begun to deploy mobile payments in Canada using the RIM SEM technology.
"The approval from Visa of RIM's SEM solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions," said Frank Maduri, a RIM senior director responsible for mobile payment services.

Read More

CIBC and Rogers Unveil the Future of Mobile Payments in Canada with BlackBerry 7

This new CIBC mobile payments capability will be available on select BlackBerry® smartphones on the Rogers wireless network when the solution launches later this year, with additional device choices for clients available following launch.

Some of the key features of the new mobile payments solution include:

• Full access to a client's existing CIBC credit cards on their smartphone at no extra cost - whether Visa or MasterCard - this gives clients the opportunity to earn loyalty points on purchases as they do today.
• Multiple layers of security - Paying with your NFC-enabled smartphone will be as secure as using your credit card today. Clients will receive the same fraud protection they do with their contactless credit card, and secure encryption technology will add to the layers of security already in place on credit card purchases. Clients will also have the option to set additional password protection.
• No "stickers" on your phone - this new payment capability will leverage the secure SIM card inside a mobile device for payments, meaning clients can manage their credit card credentials on a secure platform, and won't need to worry about stickers attached to their phone. 

 Continue reading article

Read More